The Board of Directors in Solvang ASA recommends the voluntary offer made by Unity Invest AS.
Enclosed is the statement according to the Norwegian Securities Trading Act § 6-16 from the Board of Directors in Solvang ASA on the voluntary offer made by Unity Invest AS for the shares in Solvang ASA. The board of Solvang ASA is of the opinion that the offer price of NOK 30 per share represents a fair value for all shares in Solvang ASA. Enclosed is also a Fairness Opinion made by Pareto Securities dated 1st of December 2017.
Statement on volentary offer November 2017
Pareto Fairness letter
Industry leading provider of LPG and petrochemical tonnage.
The Solvang group has a total fleet of 27 vessels, seven VLGCs, nine LGCs and ten ethane/ethylene carriers, where four are under construction for delivery in 2019. Since 2008, the company and partners have invested more than USD 1.7 billion in new ships, giving a very modern fleet, with an average age of about 7 years. The company's headquarters are in Stavanger on the Norwegian south-west coast, with a commercial and operational team sitting in Oslo, and our own crewing office in Manila.
Our focus is to build, own and manage our fleet in a life cycle perspective, with a 20-25 year investment horizon. We do not use fleet management companies to run our ships - everything is done in-house in Stavanger, Oslo and Manila. To us, proper crew manning and training are essential factors and we're proud of our track record, having zero LTI (Lost Time Incident) frequency and outstanding vetting results.
Our main goals are: