Exmar executive chairman Nicolas Saverys and his interests failed in a second effort to take the company private after takeover vehicle Saverex fell short of its target shareholding.
Reporting the results of the second voluntary takeover bid process, which closed on 15 September, the organisation said a total amount of 20,912,821 shares in Exmar were tendered in this latest bid.
This represents 35.15% of the outstanding shares in Exmar.
The company said it gives Saverex a total of 47,812,252 shares, representing 80.36% of the outstanding shares in Exmar.
Adding in the 7,924 shares held by Saverys and the 2,018,513 shares owned by Saverex and its associates, this gives Saverex a total of 49,838,689 shares, representing 83.76% in Exmar.
Saverex set a 95% stock acceptance level when it first launched its take-private offer in April and so its shareholding in the company still falls short of its target.
The Belgian LPG shipowner and LNG infrastructure company said the payment of the bid price for the shares offered during the voluntary reopening is scheduled for Monday 2 October.
In its second bid for Exmar, which was launched in August, Saverex did not raise the April offer price of €12.10 per share, minus the dividend of €1 per share, which was paid on 24 May 2023, resulting in a price of €11.10 per share.
This month Exmar, which unveiled strong profits in September, received a complaint from Belgium’s stock market regulator — the Financial Services and Markets Authority (FSMA) — over a letter sent by Exmar to its shareholders and apparent approaches to them during the most recent take-private effort.
Exmar said a letter sent on 22 August during the process “may have created the impression with certain shareholders that they are under an obligation to sell”.
The company asked shareholders to disregard the letter.
Apparently, in response to the FSMSA complaint, Exmar also stated: “Certain shareholders have allegedly been approached in the name of the company, to convince or induce them to tender their shares to Saverex.
“The company takes the opportunity to underline that it has not taken such initiative and it would not support any such actions.”