The agreement sees six million of his shares in the tanker owner pledged to the bank in a derivative contract.
In exchange, Livanos secures some funds instantly while still being in a position to profit from upward movements of the stock.
Goldman has sold a portion of the shares in the US last night to cover its own exposure to the hedge and further stock has been sold in the European market for the same reason, TradeWinds understands.
“This is not a straight share sale. Peter is not selling out of Euronav,” a source explained. “What he has done is pledged his shares and sold forward to Goldmans some of his holding.”
Livano became chairman of Euronav last year and 13 million of his shares are unaffected by the deal.
Ceres Investments, through which Linanos owns the stock has told Euronav: “The pre-paid forward sale transaction is effectively a form of financing secured by a portion of the shares owned. It will allow CIC to finance other activities while retaining significant upside exposure to the Euronav share price.”
Following the transaction, Linanos has a 8.12% slice of Euronav.
Its largest shareholder is Marc Saverys, who had a 10.69% stake via Saverco.
BlueMountain Capital Management is the largest outside investor in the company with 5.57%.
