The Solstad Offshore shareholder meeting proposed by Kistefos has been postponed as the Christian Sveaas-backed investment firm continues to build its stake.
Solstad Offshore disclosed late on Monday that the general shareholder meeting requested by Kistefos to explore potential damage claims stemming from the offshore vessel owner’s refinancing deal was “postponed in understanding” with Kistefos.
Executives from Solstad Offshore and Kistefos have been approached for comment regarding the postponement.
In a separate filing, Solstad Offshore said Kistefos had built its stake to 18.1% of the company, trailing only Kjell Inge Rokke’s Aker Capital, which grew its position to one-third of the company last week.
Aker Capital was slated to take a controlling 57% interest in the newly created Solstad Maritime following a multibillion-kroner refinancing deal involving a loan from DNB and Eksportfinans Norge and a ship-for-shares deal with AMSC.
But Sveaas and Kistefos have fought back against the proposal.
On 7 December, Solstad Offshore said Kistefos had requested the shareholder meeting to bring a damage claim for losses related to the refinancing and the appointment of a substitute board.
Kistefos is targeting Solstad Maritime, the board of Solstad Offshore and chief executive Lars Peder Solstad for the damage claims, plus AMSC, Aker Capital and their boards and chief executives.
In place of a damages claim, Kistefos proposes a claim for repayment of “unlawful distributions”.
Kistefos has controlling positions in both Western Bulk and Viking Supply Ships.
Since the 7 December filing, Solstad Offshore’s shares have risen from NOK 27.66 ($2.67) to NOK 37.54 on Monday.
In early trading on Tuesday, shares rose further, jumping from NOK 1.44 to NOK 38.98.
