John Fredriksen’s Avance Gas has carried out a big reduction in the par value of its shares to help investors avoid a tax bill.
The Oslo-listed VLGC owner said the nominal value of each share was cut to $0.01 from $1 previously, following clearance at the annual general meeting of shareholders.
This amounted to a $76m return of capital, not a taxable return on capital, chief executive Oystein Kalleklev told TradeWinds.
