New Fortress Energy’s second largest shareholder has launched an effort to offload a slice of the US-listed LNG player.
The holding was worth more than $337m at today’s prices on the Nasdaq stock exchange.
New Fortress, which owns LNG vessels and infrastructure, said Great Mountain Partners-managed Energy Transition Holdings has started a public offering of 6.9m shares, or about 3.3% of the company’s stock.
JP Morgan is acting as the only underwriter of the offering, which will see the banking giant sell the shares “from time to time”.
Great Mountain will retain most of its stake in New Fortress, where it recently reported holding 32.5m shares.
In April, the last time New Fortress listed its shareholders in a filing with the US Securities & Exchange Commission, that share count gave Great Mountain a 15.6% stake.
Great Mountain’s share sale comes at a time when New Fortress’s stock price of $48.29 is below the high point of $63.06 reached in September, but well above the $22.61 price of a year ago.
After the offering was announced at the close of Nasdaq regular session on Wednesday, shares fell 3.9% in after-market trading.
Great Mountain is represented on the New Fortress board by managing director Matthew Wilkinson.
The largest shareholder in New Fortress is chief executive Wes Edens, along with his family, who held a 37.7% slice in the April filing.
New Fortress controls a fleet of 13 LNG carriers and regasification vessels, according to Clarksons, with two floating production units under conversion from drilling rigs.
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