Norway’s ADS Maritime Holding has failed to entice investors to buy stock in a subsequent offering, due to its trading price.
Chairman Bjorn Tore Larsen had offered up to 34.19m existing shares at NOK 2.10 ($0.20) each, following on from a NOK 100m stock sale in the summer as the owner seeks investment cash.
The follow-on deal, aimed at investors who did not take part in the earlier transaction, could have raised NOK 72m.
But ADS received applications for only 202,209 shares.
The trading price was only NOK 1.90 in Oslo on Wednesday and has been below NOK 2 since the offer was launched at the start of October.
The stock last topped NOK 2.10 in July.
Arctic Securities acted as the manager for the offering.
Last month, ADS Maritime bounced back from a failed deal to invest in three LR2s with a new transaction involving Peter Georgiopoulos and Leo Vrondissis’ United Overseas Group.
The company acquired a 10% stake in two MR tankers and will act as the disponent owner with primary responsibility for following up on the owning companies’ activities related to the vessels.
Earlier in September, ADS had failed to pull off a new LR2/aframax tanker investment after the seller pulled out.
The Oslo-listed company had been in talks since at least June to take a 20% stake in three 13 and 14-year-old Chinese-built vessels.
It has been investing in ships again this year since selling its previous fleet of three VLCCs two years ago.
