A major investor in Ardmore Shipping plans to sell its nearly six million shares of the New York-listed tanker owner, which looks to repurchase some of that stock.
Cork-based Ardmore announced that GA Holdings intends to cash in 5,579,978 shares of the company's common stock in an underwritten public offering.
GA Holdings, which has a 17% stake in Ardmore, will not own any Ardmore shares upon completing the sale and selling the remaining 122,310 shares in connection with the offering to certain members.
