Proof3:14.5.12
NOT FOR DISTRIBUTION IN OR INTO CANADA, AUSTRALIA OR JAPAN OR ANY OTHER RESTRICTED JURISDICTION
OFFER DOCUMENT
Mandatory Offer to acquire all the issued and outstanding Shares in
FAIRSTAR HEAVY TRANSPORT N.V.
that are not already owned by
DOCKWISE WHITE MARLIN B.V.
a wholly-owned subsidiary of
DOCKWISE LTD.
Offer Price:
NOK 9.30 per Share with settlement in cash
Offer Period:
From and including 15 May 2012 to 17:30 hours (CET) on 12 June 2012
Financial Advisers:
Pareto Project Finance AS
Pareto Securities AS
Receiving Agent:
Pareto Securities AS
14 May 2012
TABLE OF CONTENTS
DEFINITIONS AND GLOSSARY OF TERMS .........................................................................
Page
3
STATEMENTS AND IMPORTANT INFORMATION.................................................................
Statement by the Offeror .................................................................................................
Important Information .......................................................................................................
Forward-Looking Statements............................................................................................
Offer Restrictions..............................................................................................................
Notice to US Shareholders ..............................................................................................
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5
6
7
7
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1
BACKGROUND FOR THE OFFER .................................................................................
1.1 Introduction...............................................................................................................
1.2 The Offeror...............................................................................................................
1.3 The Company ..........................................................................................................
1.4 Reasons for the Offer and Plans for the Future Business .....................................
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TERMS OF THE OFFER.................................................................................................
2.1 General.....................................................................................................................
2.2 No Conditions ..........................................................................................................
2.3 Offer Price................................................................................................................
2.4 Offer Period..............................................................................................................
2.5 Acceptance of the Offer...........................................................................................
2.6 Shareholder Rights ..................................................................................................
2.7 Settlement ................................................................................................................
2.8 Financing of the Offer..............................................................................................
2.9 Announcements and Amendments of the Offer......................................................
2.10 Costs ........................................................................................................................
2.11 Tax ...........................................................................................................................
2.12 Miscellaneous...........................................................................................................
2.13 Legal Venue and Choice of Law.............................................................................
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ADDITIONAL INFORMATION REGARDING THE OFFER .............................................
3.1 Basis for the Offer Price..........................................................................................
3.2 Contact between the Parties prior to the Offer.......................................................
3.3 Impact on the Fairstar Board, the Company’s Management and Employees........
3.4 Employee Consultation ............................................................................................
3.5 No Special Benefits to Fairstar Directors and Management...................................
3.6 Legal Consequences of the Offer ...........................................................................
3.7 Statement in respect of the Offer............................................................................
3.8 Acquisition of Fairstar Shares outside the Offer .....................................................
3.9 Consequences of the Offer and Subsequent Transactions ....................................
3.10 Delisting of the Fairstar Shares...............................................................................
3.11 Post Closing Restructuring and Future Legal Structure (General) .........................
3.12 Buy-Out ....................................................................................................................
3.13 Asset Sale or Asset Pooling....................................................................................
3.14 Legal Merger ............................................................................................................
3.15 Capital Increase .......................................................................................................
3.16 Other possible Post Closing Restructurings ............................................................
3.17 Amendment of the Fairstar Articles.........................................................................
3.18 Dividend Policy.........................................................................................................
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DESCRIPTION OF THE COMPANY ...............................................................................
4.1 Introduction...............................................................................................................
4.2 Company Description ...............................................................................................
4.3 Shares and Share Capital .......................................................................................
4.4 Selected Financial Information.................................................................................
4.5 Board and Management ..........................................................................................
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BRIEF DESCRIPTION OF DOCKWISE ..........................................................................
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6
TAX CONSEQUENCES ...................................................................................................
6.1 Introduction...............................................................................................................
6.2 Norwegian Taxation related to the Offer .................................................................
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7
NORSK SAMMENDRAG (NORWEGIAN SUMMARY) ....................................................
7.1 Tilbudet.....................................................................................................................
7.2 Tilbyder.....................................................................................................................
7.3 Selskapet..................................................................................................................
7.4 Bakgrunn for Tilbudet ..............................................................................................
7.5 Tilbudsprisen ............................................................................................................
7.6 Tilbudsperioden ........................................................................................................
7.7 Aksept av Tilbudet ...................................................................................................
7.8 Oppgjør ....................................................................................................................
7.9 Betydningen for Fairstar-styret, Selskapets Ledelse og Ansatte ............................
7.10 Tvungen Overføring av Aksjer og andre tiltak ........................................................
7.11 Strykning fra Oslo Børs ...........................................................................................
7.12 Verneting og Lovvalg ...............................................................................................
7.13 Diverse .....................................................................................................................
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Appendices:
Appendix 1:
Acceptance Form
Appendix 2:
Akseptblankett (Norwegian Language Acceptance Form)
Appendix 3:
Text of Mandatory Offer Guarantee
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DEFINITIONS AND GLOSSARY OF TERMS
Acceptance: .................................
Acceptance of the Offer by a Fairstar Shareholder.
Acceptance Form: .......................
The form of acceptance to be used by Fairstar Shareholders
when accepting the Offer enclosed as Appendix 1 (English
language version) and Appendix 2 (Norwegian language version)
to this Offer Document.
Acceptant: ....................................
Fairstar Shareholder who accepts the Offer.
Announcement Date: ..................
The date on which Dockwise publicly announced that it had,
through the Offeror, entered into the Share Purchase Agreements
for the acquisition of approximately 54 per cent of the Shares in
the Company, being 22 April 2012.
Business Day:..............................
Any day (excluding Saturdays and Sundays) on which banks are
open in Norway for normal banking business.
Buy-Out: .......................................
Has the meaning as described in Section 3.12 ‘‘Buy-Out’’.
CET: ..............................................
Central European Time.
Close Associate: .........................
A close associate as defined in section 2-5 of the Norwegian
Securities Trading Act.
Company or Fairstar:..................
Fairstar Heavy Transport N.V.
Dockwise: .....................................
Dockwise Ltd., a public limited company incorporated under the
laws of Bermuda, whose registered office is located at Canon’s
Court, 22 Victoria Street, Hamilton HM 12, Bermuda and its head
office at Lage Mosten 21, 4822 NJ, Breda, the Netherlands,
registered with the Bermuda Registrar of Companies under
registration number 39466 and with the trade register of the Dutch
Chamber of Commerce under registration number 20161638.
DCC or Dutch Civil Code: ..........
The Dutch Civil Code (Burgerlijk Wetboek).
EUR: ..............................................
Euro, the lawful currency of the eurozone of the European Union.
Fairstar Articles: ..........................
The articles of association of Fairstar as amended from time to
time.
Fairstar Board:.............................
The Supervisory Board and the Management Board collectively,
unless the context requires that any one of the Management
Board or the Supervisory Board is referred to.
Fairstar Directors: .......................
The directors of the relevant Fairstar Board.
Fairstar Group: ............................
Fairstar and its subsidiaries, collectively.
Dockwise Group: .........................
Dockwise and its subsidiaries, collectively.
Fairstar Shareholders or
Shareholders:...............................
Owners of Fairstar Shares, including beneficial owners of
nominee registered Fairstar Shares.
Fairstar Shares or Shares: .........
Shares in the Company, each having a nominal value of
EUR 0.46, including the depositary receipts for Shares issued
in the VPS.
Financial Advisers: .....................
Pareto Project Finance AS and Pareto Securities AS.
Legal Merger:...............................
Has the meaning as described in Section 3.14 ‘‘Legal Merger’’.
Management Board: ....................
The management board of Fairstar.
Mandatory Offer: .........................
A mandatory offer (in Norwegian: ‘‘pliktig tilbud’’) pursuant to
applicable securities laws.
Mandatory Offer Guarantee: ......
A guarantee issued by Pareto Bank ASA covering the Offeror’s
obligation to pay for the Shares to be purchased pursuant to the
Offer in accordance with Section 6-10 (7) of the Norwegian
Securities Trading Act, the text of which is enclosed as Appendix
3 ‘‘Mandatory Offer Guarantee’’.
NOK: .............................................
Norwegian Kroner, the lawful currency of the Kingdom of Norway.
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Norwegian Securities Trading
Act:................................................
The Norwegian Securities Trading Act of 29 June 2007 No. 75 (in
Norwegian: ‘‘verdipapirhandelloven’’) with later amendments.
Offer:.............................................
The Mandatory Offer by the Offeror to purchase all the issued and
outstanding Fairstar Shares as of the Record Date that are not
already owned by the Offeror, upon the terms set out in this Offer
Document in accordance with chapter 6 of the Norwegian
Securities Trading Act.
Offer Document: ..........................
This offer document with appendices.
Offeror: .........................................
Dockwise White Marlin B.V, a wholly owned indirect subsidiary of
Dockwise.
Offer Period: ................................
The period when Fairstar Shareholders may accept the Offer,
running from and including 15 May 2012 to 17:30 hours (CET) on
12 June 2012, which period may be extended in accordance with
Section 2.4 ‘‘Offer Period’’ (in which case a reference to the Offer
Period will be reference to the Offer Period as extended).
Offer Price:...................................
NOK 9.30 per Fairstar Share.
Oslo Børs: ....................................
Oslo Børs ASA.
Receiving Agent: .........................
Pareto Securities AS.
Record Date: ................................
14 May 2012, the date of this Offer Document.
Settlement Date: ..........................
The date on which the settlement of the Offer takes place in
accordance with Section 2.7 ‘‘Settlement’’ below.
Share Purchase Agreements: ....
The unconditional and conditional agreements entered into by the
Offeror with certain Shareholders for the acquisition of in
aggregate approximately 54 per cent of the Shares in the
Company, each of which a ‘‘Share Purchase Agreement’’.
Supervisory Board: .....................
The supervisory board of Fairstar.
USD: ..............................................
United States Dollar, the lawful currency of the United States of
America.
VPS: ..............................................
The Norwegian Central Securities Depository (in Norwegian:
‘‘Verdipapirsentralen ASA’’).
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STATEMENTS AND IMPORTANT INFORMATION
Statement by the Offeror
This Offer Document has been prepared in accordance with Section 6-13 of the Norwegian
Securities Trading Act in order to provide Fairstar Shareholders with a basis for evaluating the
Offer.
The information about the Company included in this Offer Document is based exclusively on the
Company’s public financial statements and other information in the public domain as at the date
hereof. The Offeror has not independently verified the information regarding the Company which is
included in this Offer Document. The Offeror does not assume any responsibility for the accuracy
or completeness, or any responsibility to update any, of the information regarding the Company
included in this Offer Document.
14 May 2012
Dockwise White Marlin B.V.
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Important Information
This Offer Document has been prepared in accordance with Section 6-13 of the Norwegian
Securities Trading Act in order to provide the Fairstar Shareholders with a basis for evaluating the
Offer.
The Offer and this Offer Document have been approved by Oslo Børs in its capacity as takeover
supervisory authority in accordance with Section 6-14 of the Norwegian Securities Trading Act.
Shareholders of the Company must rely upon their own examination of the Offer and should study
this Offer Document carefully and, if necessary, seek independent advice concerning the Offer and
this Offer Document.
Matters of a legal nature related to the offer procedure, the content of the Offer Document and the
publication of the Offer are subject to Norwegian law and the supervision of Oslo Børs. All matters
of a legal nature related to company law issues as well as certain securities law issues, including
matters concerning the thresholds at which a mandatory offer obligation is triggered, possible
exemptions and exceptions from the obligation to make a mandatory offer are subject to Dutch law
and the supervision of the Netherlands Authority for the Financial Markets (AFM) and the Dutch
Enterprise Chamber, as the Company is a Dutch public limited liability company registered and
having its corporate seat in the Netherlands.
The distribution of this Offer Document does not imply in any way that the information included
herein continues to be accurate and complete at any date subsequent to the date of this Offer
Document.
With the exception of the Offeror, no person is entitled or authorized to provide any information or
make any representations in connection with the Offer other than the information included in this
Offer Document. If such information or representation is provided or made by any other party than
the Offeror, such information or representation, as the case may be, should not be relied upon as
having been provided or made by or on behalf of the Offeror.
The Offer is directed to all Fairstar Shareholders who may legally receive this Offer Document and
accept the Offer. In this respect further reference is made to the offer restrictions set out below.
Copies of this Offer Document will be distributed to the Fairstar Shareholders registered in the
Company’s shareholders register in the VPS as at the date of this Offer Document, except for
Fairstar Shareholders in jurisdictions where this Offer Document may not be lawfully distributed.
Further, copies of the Offer Document are also available free of charge at the website of Dockwise
(www.dockwise.com), the website of the Receiving Agent (www.pareto.no) and at the office of the
Receiving Agent:
Pareto Securities AS
Dronning Mauds gate 3
P.O. Box 1411 Vika
0115 Oslo
Norway
Telephone: +47 22 87 87 00
The Financial Advisers are acting as financial advisers solely for the Offeror in relation to the Offer
and for nobody else and will not regard any other person (whether or not a recipient of this Offer
Document) as a client and will not be responsible to anyone other than the Offeror for providing
the protections afforded to clients of the Financial Advisers nor for providing advice in relation to
the Offer or any other matter referred to in this Offer Document. The Financial Advisers have not
assumed any responsibility to independently verify the information contained in this Offer Document
and do not make any representation or warranty, express or implied, or accept any liability as to
the accuracy or completeness of such information. Nothing contained in this Offer Document is, or
shall be relied upon as a promise or representation by the Financial Advisers.
This Offer Document has been prepared in the English language only, except for the summary in
Norwegian in Section 7 ‘‘Norsk Sammendrag (Norwegian Summary)’’. In the event of any
inconsistencies between the English and the Norwegian text, the English version shall prevail.
The Offeror reserves the right to, and may exercise the right to, acquire Fairstar Shares outside
the Offer before, during and after the Offer Period, provided that such transactions comply with
applicable laws and regulations. The Offeror will publicly disclose any such acquisitions to the
extent required by applicable law, in accordance with the procedures described in section 2.9
‘‘Announcements and Amendments of the Offer’’.
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Forward-Looking Statements
The statements contained in this Offer Document that are not historical facts are ‘‘forward-looking’’
statements. These forward-looking statements are subject to a number of risks and uncertainties,
many of which are beyond the Offeror’s control and all of which are based on the Offeror’s current
beliefs and expectations about future events. Forward-looking statements are typically identified by
the use of forward-looking terminology such as ‘‘believes’’, ‘‘expects’’, ‘‘may’’, ‘‘will’’, ‘‘could’’,
‘‘should’’, ‘‘intends’’, ‘‘estimates’’, ‘‘plans’’, ‘‘assumes’’ or ‘‘anticipates’’ or the negative thereof or
other variations thereon or comparable terminology, or by discussions of strategy that involve risks
and uncertainties. In addition, from time to time, the Offeror or its representatives have made or
may make forward-looking statements orally or in writing. Such forward-looking statements may be
included in, but are not limited to, press releases or oral statements made by or with the approval
of the Offeror’s authorized executive officers. These forward-looking statements and other
statements contained in this Offer Document regarding matters that are not historical facts involve
predictions. No assurance can be given that such future results will be achieved. Actual events or
results may differ materially as a result of risks and uncertainties facing the Offeror. Such risks and
uncertainties could cause actual results to vary materially from the future results indicated,
expressed or implied, in such forward-looking statements. The forward-looking statements
contained in this Offer Document speak only as at the date of this document. Except to the extent
required by applicable law, including the Norwegian Securities Trading Act, the Offeror will not be
obligated to update any of them in light of new information or future events and undertakes no
duty to do so.
Offer Restrictions
The distribution of this Offer Document and the making of the Offer may in certain jurisdictions
(including, but not limited to, Canada, Australia and Japan) be restricted by law. Therefore, persons
obtaining this Offer Document or into whose possession this Offer Document otherwise comes, are
required to, and should inform themselves of and observe, all such restrictions. The Offeror and
the Financial Advisers do not accept or assume any responsibility or liability for any violation by
any person whomsoever of any such restriction.
This Offer Document is not directed to persons whose participation in the Offer requires that further
offer documents are issued or that filing, registration or other measures are taken, other than those
required under Norwegian law, provided, however, that the Offer is made to Fairstar Shareholders
resident in the United States, as discussed below in the Notice to US Shareholders section. No
document or materials relating to the Offer may be distributed in or into any jurisdiction where such
distribution or offering requires any of the aforementioned measures to be taken or would be in
conflict with any law or regulation of such a jurisdiction. In the event of such distribution or offering
still being made, an Acceptance Form sent from such a country may be disregarded.
This Offer Document does not represent an offer to acquire or obtain securities other than Fairstar
Shares.
The Offer is not open to any Fairstar Shareholder in any jurisdiction in which it is unlawful for any
person to receive or accept the Offer. No action has been taken to permit the distribution of the
Offer in any jurisdiction where action would be required for such purposes (except Norway).
The Offer is not being made and will not be made, directly or indirectly, in or into Canada,
Australia or Japan. This Offer Document, and any and all materials related thereto, should not be
sent or otherwise distributed in or into Canada, Australia or Japan, whether by use of Canadian,
Australian or Japanese commerce (including, but without limitation, the mail, facsimile transmission,
telex, telephone or Internet) or any facility of a Canadian, Australian or Japanese national securities
exchange, and the Offer cannot be accepted by any such use, means or instrumentality, in or from
within Canada, Australia or Japan. Accordingly, copies of this Offer Document and any related
materials are not being, and must not be, sent or otherwise distributed in or into or from Canada,
Australia or Japan or, in their capacities as such, to custodians, trustees or nominees holding
shares of the Company for Canadian, Australian or Japanese persons, and persons receiving any
such documents (including custodians, nominees and trustees) must not distribute or send them in,
into or from Canada, Australia or Japan. Any purported acceptance of the Offer resulting directly or
indirectly from a violation of these restrictions will be invalid. No shares of the Company are being
solicited from a resident of Canada, Australia or Japan and acceptances of the Offer, if sent in
response by a resident of Canada, Australia or Japan, will not be accepted. Each person delivering
an Acceptance Form in connection with the Offer will be deemed to have certified that: (1) such
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person has not received this Offer Document, the Acceptance Form or any other document relating
to the Offer in Canada, Australia or Japan, nor has such person mailed, transmitted or otherwise
distributed any such document in or into Canada, Australia or Japan; (2) such person has not
utilized, directly or indirectly, the mails, or any means or instrumentality of commerce, or the
facilities of any national securities exchange, of Canada, Australia or Japan in connection with the
Offer; (3) such person is not and was not located in Canada, Australia or Japan at the time such
person accepted the terms of the Offer or at the time such person returned the Acceptance Form;
and (4) if such person is acting in a fiduciary, agency or other capacity as an intermediary, then
either (a) such person has full investment discretion with respect to the securities covered by the
Acceptance Form or (b) the person on whose behalf such person is acting was located outside
Canada, Australia and Japan at the time he or she instructed such person to accept the Offer.
Notice to US Shareholders
US Shareholders are advised that Fairstar Shares are not listed on a US securities exchange and
that the Company is not subject to the periodic reporting requirements of the US Securities
Exchange Act of 1934 (the ‘‘Exchange Act’’) and is not required to, and does not, file any reports
with the US Securities and Exchange Commission thereunder.
The Offer is made to Fairstar Shareholders resident in the United States on the same terms and
conditions as those made to all other Fairstar Shareholders and any informational documents,
including the Offer Document, are being disseminated to US Shareholders on a basis comparable
to the method that such documents are provided to Shareholders in Norway. The Offer is for the
shares of a company incorporated in the Netherlands and listed for trading on Oslo Børs and is
governed by provisions of Norwegian and Dutch law. Those provisions differ considerably from the
corresponding United States legal provisions. The Offer is being made in reliance on, and in
accordance with, SEC Rule 14d-1(c) under the Exchange Act. As a result, the Offeror is not
required to comply with all of the tender offer rules provided for in Regulation 14E under the US
federal securities laws and only a limited set of United States legal provisions apply to the Offer
and this Offer Document. The applicable procedural and disclosure requirements of Norwegian law
are different than those of the US securities laws in certain material respects. The timing of
payments, withdrawal rights, settlement procedures, and other timing and procedural matters of the
Offer are consistent with Norwegian practice, which differs materially from US domestic tender offer
procedures.
Pursuant to an exemption provided from Rule 14e-5 under the US Exchange Act, the Offeror may
acquire, or make arrangements to acquire, Fairstar Shares, other than pursuant to the Offer
outside the United States during the period in which the Offer remains open for acceptance, so
long as those acquisitions or arrangements comply with applicable Norwegian and Dutch law and
practice and the provisions of such exemption from Rule 14e-5. Any such purchases may occur on
the Oslo Børs at the prevailing market price for the Shares or in private transactions at negotiated
prices. If required under applicable law, the Offeror will disclose details of any such purchases of,
or arrangements to purchase, Fairstar Shares in accordance with such applicable law, in
accordance with Section 3.8 ‘‘Acquisition of Fairstar Shares outside the Offer’’ and in the United
States by dissemination of an English-language press release through an electronic information
distribution system accessible in the US which directs individuals to a website where this
information is posted in English.
It may be difficult for Fairstar Shareholders resident in the United States to enforce their rights and
any claims they may have under United States federal securities laws, because Fairstar is a Dutch
company, the Offeror is a company incorporated under the laws of the Netherlands, their
respective officers and directors are residents of countries other than the United States and their
respective assets are located primarily outside of the US. Fairstar Shareholders resident in the
United States may not be able to sue a foreign company in a foreign court for violations of United
States securities laws, and it may be difficult to compel a foreign company or its affiliates to
subject themselves to the jurisdiction and judgment of a court in the United States. As used herein,
the ‘‘United States’’ or the ‘‘US’’ means the United States of America, its territories and
possessions, any state of the United States of America, and the District of Columbia.
US Shareholders should also be aware that the transaction contemplated herein may have tax
consequences in the US and that such consequences, if any, are not described herein. US
Shareholders are urged to consult with legal, tax and financial advisors in connection with making
a decision regarding the Offer.
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This Offer Document has not been approved, disapproved or otherwise recommended by
the US Securities and Exchange Commission or any US state securities commission and
such authorities have not confirmed the accuracy or determined the adequacy of this
document. Any representation to the contrary is a criminal offence in the United States.
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1
BACKGROUND FOR THE OFFER
1.1
Introduction
On 22 April 2012, Dockwise publicly announced that it had, through the Offeror, entered into the
Share Purchase Agreements with certain Fairstar Shareholders, for the acquisition of in aggregate
48,738,767 Shares, representing approximately 54 per cent of the total number of issued Fairstar
Shares. Share Purchase Agreements for 17,133,564 Shares, representing approximately 19 per
cent of the total number of issued Shares, were completed on 24 April 2012, while the Share
Purchase Agreements for the remaining 31,605,203 Shares, representing approximately 35 per
cent of the total number of issued Shares, were made conditional upon certain financing
resolutions being adopted by the general meeting of Dockwise. For conditional Share Purchase
Agreements relating to 7,880,022 Shares, representing approximately 9 per cent of the total
number of issued Shares, the Offeror waived the remaining closing condition on 29 April 2012 and
these agreements were then completed on 2 May 2012. The last remaining conditional Share
Purchase Agreement relating to 23,725,181 Shares, representing approximately 26 per cent of the
total number of issued Shares, became unconditional following satisfaction of the remaining closing
condition on 9 May 2012 and was completed on 11 May 2012.
As a result, as of the date of this Offer Document, the Offeror owns 48,738,767 Shares,
representing approximately 54 per cent of the total number of issued Fairstar Shares.
On 9 May 2012, when the Share Purchase Agreement regarding the approximately 26 per cent of
the Fairstar Shares, including certain voting agreements in respect of those Shares, became
unconditional and effective, the obligation to launch a Mandatory Offer was triggered. Accordingly,
the Offeror hereby makes the Offer on the terms set out herein. Please see Section 2 ‘‘Terms of
the Offer’’ for the terms of the Offer.
1.2
The Offeror
The Offeror is a private limited liability company organized under the laws of the Netherlands with
its registered office at Lage Mosten 21, 4822NJ Breda, the Netherlands. The Offeror is registered
with the Dutch Chamber of Commerce under registration number 52792862. The Offeror is a
wholly-owned indirect subsidiary of Dockwise. See Section 5 ‘‘Brief Description of Dockwise’’ for a
description of Dockwise.
As of the date of this Offer Document, the Offeror owns 48,738,767 Fairstar Shares, representing
approximately 54 per cent of the total number of issued Shares in the capital of the Company.
None of the Offeror’s Close Associates owns any Fairstar Shares. Further, neither the Offeror, nor
any Close Associates of the Offeror, are currently party to any agreements with the remaining
Shareholders of the Company or have any options, convertible loans or similar rights to acquire
additional Fairstar Shares.
1.3
The Company
Fairstar is a public limited company registered in the Netherlands, with corporate headquarters
located at Weena 316 – 318, Tower A, 3012 NJ Rotterdam, the Netherlands. The Company’s
registration number with the Dutch Chamber of Commerce is 24380374.
The Company is a provider of marine heavy transport solutions specializing in high-value cargoes
for the offshore and onshore energy and construction industries. Fairstar was established in
Rotterdam, the Netherlands in 2005.
The Fairstar Shares are listed on Oslo Børs under the ticker ‘‘FAIR’’ and are registered in the VPS
through depository receipts under the International Securities Identification Number (‘‘ISIN’’)
NL0000026292.
See Section 4 ‘‘Description of the Company’’ for further details on Fairstar.
1.4
Reasons for the Offer and Plans for the Future Business
Pursuant to Dutch law, the Offeror is obligated to make the Offer in accordance with the
Norwegian rules on Mandatory Offer as the Offeror acquired more than 30 per cent of the Fairstar
Shares through the Share Purchase Agreements.
Through the proposed acquisition of Fairstar by Dockwise through the Offeror, Dockwise intends to
accelerate its strategy to be a more diversified heavy marine transportation, installation and
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logistical management service provider. In recent years, Dockwise has successfully grown its
commercial activities across the several phases of the oil & gas upstream and downstream cycles.
Whilst Dockwise has a strong presence in the exploration and development phase through the
transport of drilling rigs, and in the production phase through transporting and installing production
platforms, Dockwise believes that this transaction will enhance its presence in the later downstream
processing phase allowing it to reach a balanced spread across both cycles. Fairstar has
developed a strong market position in the logistical management business, mainly in the
downstream cycle.
The proposed combination of Dockwise with Fairstar would create an enhanced presence against a
background of expected market growth in the medium term, through the expansion of remote
processing facilities for hydrocarbon liquids, LNG and FLNG.
The objective of the proposed transaction is to achieve a balance of 50 per cent in the exploration
and development phase (characterized by short-term projects) and 50 per cent in the production
and processing phases (characterized by longer term projects). All of Fairstar’s vessels fully
complement the Dockwise fleet in terms of age, capability and market segment. The proposed
acquisition is expected to deliver substantial strategic benefits and is immediately EBITDA
enhancing. It is believed that the proposed combination will bring Dockwise improved, and more
secure growth prospects underpinned by a strong, well-capitalised balance sheet.
Once implemented, the strategy is expected to prove beneficial to:
*
The combined company: The transaction will create a distinct market leader in an
increasingly competitive global industry. The industries serviced by Dockwise and Fairstar
are entering a sustained period of strong growth, marked especially by the increasing size of
cargoes and vessels. Fairstar’s vessels complement Dockwise’s capacity to focus on the
higher end, offshore and onshore logistical projects and fit well with Dockwise’s fleet
rejuvenation and replacement program. As a result, the combined entity is expected to
realize significant long-term income and cost synergies related to better fleet scheduling and
reductions in SG&A.
*
Clients: Clients will be able to contract with a substantially larger service provider with a
bigger, and on average younger, more versatile, and evenly distributed fleet. The
combination is expected to alleviate client concerns about bottlenecks in availability, provide
a broader choice of vessels to meet clients’ specific requirements and on occasion the
ability to convert vessels for special assignments.
*
Employees: It is the intention of Dockwise to eventually fully integrate the Fairstar
organisation and the Dockwise organisation. However, currently, there are no plans to
consolidate the offices of Dockwise in Breda and of Fairstar in Rotterdam. Given the
vacancies and backlog of both companies, no forced redundancies are expected as a result
of the proposed transaction. Fairstar employees’ existing rights will be honoured, and there
is no intention to change the current flag state and crew arrangements for the foreseeable
future. Execution of the Gorgon and Ichthys contracts will most likely be exclusively
performed through the existing Fairstar organisation. A successful combination can be
expected to enable the combination to be better able to attract, develop and retain
employees as there will be greater and more international career opportunities in a secure
and professional environment with a higher profile brand name for all employees as the
company becomes globally more prominent.
*
Shareholders: The Offer represents an opportunity for the Fairstar Shareholders to exit a low
liquidity stock at an Offer Price of NOK 9.30 per Share, entailing a premium of more than
22 per cent compared to the closing share price of the Fairstar Share on Oslo Børs on 20
April 2012. Dockwise’s shareholders will hold a stake in the distinct market leader within the
global industry. Dockwise’s expansion into downstream activities is expected to increase
backlog and earnings visibility while reducing dependence on the early phases of the
upstream cycle. Furthermore, this transaction is expected to increase Dockwise’s share
liquidity, while the increased market capitalisation may be expected to attract broader
international shareholder interest.
*
Financing partners: Both Fairstar’s and Dockwise’s lenders may expect to benefit from a
larger and more versatile fleet and contract portfolio. On completion, the combined entity is
expected to be a more profitable and financially robust company than before.
c106630pu020Proof3:14.5.12B/LRevision:0OperatorPutA
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*
Suppliers: Suppliers may expect to benefit from the commercial security of an enlarged and
more secure counterparty.
*
Fairstar business: A successful acquisition of Fairstar by Dockwise through the Offeror is
expected to lead to a significant strengthening of the available financing resources of
Fairstar, enabling Fairstar to meet its present and future capital requirements and supporting
the further development of its business. See also Section 3.15 ‘‘Capital Increase’’ regarding
Dockwise’s intention to strengthen the financing of Fairstar following the Offer.
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2
TERMS OF THE OFFER
2.1
General
The Offeror hereby makes a Mandatory Offer to acquire all the issued and outstanding Shares in
Fairstar as of the Record Date that are not already owned by the Offeror on the terms set out in
this Offer Document. The Offer does not, unless decided otherwise by the Offeror in its sole
discretion, comprise any new Shares issued by Fairstar after the Record Date.
The Offer is made to all Fairstar Shareholders who can legally receive this Offer Document and
accept the Offer, for further details see above ‘‘Statements and Important Information’’.
2.2
No Conditions
The completion of the Offer is not subject to any conditions.
2.3
Offer Price
Shareholders accepting the Offer will receive a consideration of NOK 9.30 per Share in cash in
accordance with the terms of this Offer, which is the same as the price per Share under the Share
Purchase Agreements. Please see Section 3.1 ‘‘Basis for the Offer Price’’ for further information
regarding the basis for the Offer Price.
In the event the Company pays out any dividend or makes any other distribution to its
Shareholders for which the record date occurs prior to the Settlement Date, the Offer Price will be
reduced by the amount distributed per Fairstar Share. In case of either a split or a reverse split of
the Fairstar Shares, the Offer Price per Fairstar Share shall be adjusted accordingly.
2.4
Offer Period
The Offer Period under the Offer is from and including 15 May 2012 to 17:30 hours (CET) on
12 June 2012.
The Offeror expressly reserves the right to approve Acceptances that are received after the
expiration of the Offer Period, and at any time and one or several times to extend the Offer Period
up to a maximum of 14 days (i.e. to a maximum Offer Period of 6 weeks). Any extension of the
Offer Period will be announced prior to the opening of trading on Oslo Børs on the Business Day
following the last day of the then prevailing Offer Period in the manner described in section 2.9
‘‘Announcements and Amendments of the Offer’’. The last day on which the Offer Period under the
Offer can expire following maximum extension is 26 June 2012.
2.5
Acceptance of the Offer
In order for a Fairstar Shareholder to accept the Offer, an Acceptance Form must be correctly
filled out, signed and delivered to, and received by, the Receiving Agent prior to the end of the
Offer Period. On the Acceptance Forms sent to the Shareholders, information on shareholdings
and certain other matters relating to the relevant Shareholder has already been filled in.
The Acceptance Form is enclosed as Appendix 1 (English language version) and Appendix 2
(Norwegian language version) to this Offer Document.
Acceptance Forms must be received by the Receiving Agent at the address below by means of
post, delivery, telefax or e-mail:
Pareto Securities AS
Dronning Mauds gate 3
P.O. Box 1411 Vika
0115 Oslo
Norway
Telephone: +47 22 87 87 00
Telefax: +47 22 87 87 10
E-mail: tas@pareto.no
If the Acceptance Form is delivered by e-mail, a scanned copy of the duly executed Acceptance
Form must be attached to the e-mail.
If the Acceptance Form is signed by a person acting on behalf of the Fairstar Shareholder,
evidence of the authority of such person to sign the Acceptance Form, e.g. an authorization and/or
a company certificate, must be delivered together with the Acceptance Form in order for the
Acceptance to be valid.
The Acceptance is irrevocable and cannot be withdrawn after receipt by the Receiving Agent.
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All Fairstar Shares to be acquired under the Offer must be transferred free of any encumbrances
or other third-party rights whatsoever and with all shareholder rights attached to them. The
Acceptance will only be regarded as valid if any third party with registered encumbrances or other
third-party rights over the relevant VPS account(s) has approved by signing the Acceptance Form
that the Shares may be transferred to the Offeror free of any encumbrances or other third-party
rights.
Only by complying with the above instructions, may a Fairstar Shareholder become entitled to sell
its Shares upon the terms of this Offer Document.
The Offeror reserves the right to reject any or all Acceptances of the Offer which are not in proper
form, or which may be unlawful. The Offeror also reserves the right, but shall in no event be
obliged, to accept any incorrect or late delivered Acceptance Forms, and the right to treat an
Acceptance of the Offer as valid, in whole or in part, even though it is not entirely in order or not
accompanied by the required evidence of authority or if it is received at places other than set out
above. However, the Offeror will ensure due compliance with the duty to treat Shareholders equally
under section 6-10 (9) of the Norwegian Securities Trading Act when exercising its discretion
pursuant to the foregoing. Fairstar Shareholders whose Shares are split between several VPS
accounts will receive a separate Acceptance Form for each account and are required to submit a
separate Acceptance Form for each account.
Any Fairstar Shareholder whose Fairstar Shares are registered in the name of a broker, dealer,
commercial bank, trust company or other nominee must contact such person if such Fairstar
Shareholder desires to accept the Offer for such Fairstar Shares.
In order for a Fairstar Shareholder to validly accept the Offer, the Acceptance Form must be
signed by the Fairstar Shareholder or its authorized attorney.
By delivering a duly executed Acceptance Form, the Acceptant gives the Receiving Agent an
irrevocable authorization to block the Shares to which the Acceptance Form relates in favor of the
Receiving Agent on behalf of the Offeror. It will not be possible for the Acceptant to sell, pledge or
otherwise encumber or transfer the Shares after the delivery of the Acceptance Form to the
Receiving Agent. Shareholders accepting the Offer will retain ownership of their Fairstar Shares
until completion of the Offer. All shareholder rights shall, to the extent permitted under applicable
laws, be vested with the Acceptant until completion of the Offer.
By accepting the Offer, each Acceptant gives the Receiving Agent an irrevocable power of attorney
to register such blocking of the Acceptant’s Fairstar Shares in favor of the Receiving Agent on
behalf of the Offeror and to transfer such Fairstar Shares to the Offeror in connection with
completion and settlement of the Offer. Settlement for the Shares will be made simultaneously with
the transfer of the Fairstar Shares to the Offeror.
Shareholders who own Fairstar Shares through more than one VPS account will receive one
Acceptance Form for each account. Unless the Shareholder states otherwise in the Acceptance
Form, an Acceptance will comprise all of the Fairstar Shares on the VPS account covered by the
Acceptance. However, with respect to Fairstar Shares registered on VPS accounts in the name of
a broker, dealer, commercial bank, trust company or other nominee, the Acceptance will solely
comprise the designated Fairstar Shares on such VPS account that the Offer in fact has been
accepted for by a Fairstar Shareholder, and not other Fairstar Shares registered on the same VPS
account for which the Offer has not been accepted. Unless the Shareholder states otherwise in the
Acceptance Form, the Acceptance also includes any Shares which are acquired or will be acquired
and which are credited to the above VPS account until the Shares are debited from the
Acceptant’s VPS account and transferred to an escrow account in the name of the Receiving
Agent, save for Fairstar Shares on VPS accounts in the name of a broker, dealer, commercial
bank, trust company or other nominee not included in the Acceptance of the Offer.
Any Shareholders who have recorded their shareholding directly in the register of shareholders of
the Company in Rotterdam except for DNB Bank ASA in its capacity as VPS registrar for the
Company, and who wish to accept the Offer, should contact the Receiving Agent.
In accordance with the Norwegian Securities Trading Act, the Receiving Agent must categorize all
new customers in one of three customer categories. All Shareholders delivering an Acceptance
Form and which are not existing clients of the Receiving Agent will be categorized as nonprofessional clients. For further information about the categorization, the Shareholder may contact
the Receiving Agent. The Receiving Agent will treat the delivery of an Acceptance Form as an
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‘‘execution only’’ instruction from the Acceptant to sell its Shares under the Offer, since the
Receiving Agent is not in the position to determine whether the acceptance and selling of Shares
is suitable or not for the Shareholder.
2.6
Shareholder Rights
Acceptants will not be able to sell, transfer, pledge or otherwise encumber the Fairstar Shares
covered by the Acceptance after the Shares have been blocked as described in Section 2.5
‘‘Acceptance of the Offer’’ above.
Acceptants will, however, remain owners of the Fairstar Shares covered by the Acceptance,
including retaining their right to vote for the Shares and other shareholder rights, until settlement
pursuant to the Offer is completed (see Section 2.7 ‘‘Settlement’’ below).
2.7
Settlement
The Offer Price will be settled in cash in NOK. The cash payment to the Acceptants will be made
promptly, and no later than 14 days, after the expiry of the Offer Period.
Accordingly, in case of a full extension of the Offer Period (i.e. with 14 days), the latest day on
which settlement of the Offer may occur is 11 July 2012.
The relevant settlement amount to each Acceptant will be transferred to the bank account that at
the time of Acceptance was registered in the VPS as the account for payment of dividends to the
relevant Shareholder. If there are no records of a bank account in the VPS that can be used for
settlement, the Acceptant must specify on the Acceptance Form (or on a separate sheet submitted
together with the Acceptance Form) the bank account to which payment should be made. For
Shareholders resident in Norway, if there are no records of a bank account in the VPS and no
bank account has been specified on the Acceptance Form (or on a separate sheet submitted
together with the Acceptance Form), settlement will be made by issuing a banker’s draft. For
Shareholders who do not hold a bank account with a Norwegian bank, payment details for offshore
payments, such as IBAN, SWIFT/BIC or similar payment codes depending on the jurisdiction where
the bank account is located, must be included on the Acceptance Form (or on a separate sheet
submitted together with the Acceptance Form). If no payment details are available for Shareholders
with a non-Norwegian address, settlement will be made by way of a currency cheque sent by post.
Interest compensation to Acceptants will neither be paid for the period from the date of Acceptance
until the Settlement Date, nor will interest compensation be paid if the Offer Period is extended.
2.8
Financing of the Offer
The Offeror will finance the Offer through equity and/or debt contributions from Dockwise. For such
purpose, Dockwise has raised bridge equity of USD 50 million in the form of financial preference
shares issued to HAL Investments B.V. on 10 May 2012 and will raise additional new equity
through a rights issue of approximately EUR 197 million. The rights issue is expected to have a
subscription period that runs from and including 16 May 2012 to 14:00 hours (CET) on 30 May
2012, and is expected to be completed on or around 6 June 2012. Information about the rights
issue, including the prospectus to be published in relation thereto, and about the issue of the
preference shares will be made available at Dockwise’s website (www.dockwise.com).
The Offeror has in accordance with section 6-10 (7) of the Norwegian Securities Trading Act
provided a Mandatory Offer Guarantee, issued by Pareto Bank ASA, covering the Offeror’s
obligation to pay for the Shares to be purchased pursuant to the Offer. The text of the Mandatory
Offer Guarantee is set out in Appendix 3 ‘‘Text of Mandatory Offer Guarantee’’.
2.9
Announcements and Amendments of the Offer
Announcements issued by or on behalf of the Offeror regarding the Offer and/or the Offer
Document will be made by a release through Oslo Børs’ electronic information system
(www.newsweb.no) under Fairstar’s ticker code ‘‘FAIR’’.
Any amendments to the terms of the Offer (including any extension of the Offer Period) will be
announced no later than 09:00 hours (CET) on the Business Day following the day of such
amendment (or such later time and/or date as permitted by Norwegian law). In this respect, the
Offeror will have no obligation to publish, advertise or otherwise communicate any such
announcement other than by making such release through Oslo Børs’ electronic information
system.
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The Offeror expressly reserves the right to extend the Offer Period (see Section 2.4 ‘‘Offer
Period’’), to increase the Offer Price and/or to issue a new offer in accordance with Chapter 6 of
the Norwegian Securities Trading Act. Any amendments to the Offer will be binding on the Offeror
once distributed through Oslo Børs’ electronic information system. It should be noted, however, that
the Offeror has no intention of increasing the Offer Price.
2.10 Costs
The Offeror will pay commissions and costs directly related to the VPS transactions in connection
with the Offer. As such, Acceptants will not incur any brokerage fees or other costs directly related
to the VPS transactions in connection with the Offer. Any tax consequences or costs incurred by
Fairstar Shareholders for financial or legal advice, or any other costs in connection with the Offer
are the responsibility of the individual Fairstar Shareholders and will not be paid by the Offeror.
2.11 Tax
Fairstar Shareholders accepting the Offer are themselves responsible for any tax liability arising as
a result of the settlement and any costs incurred in obtaining advice on this matter. A general
description of the Norwegian tax implications of the Offer is included in Section 6 ‘‘Tax
Consequences’’.
2.12 Miscellaneous
Confirmation of receipt of Acceptance Forms or other documents will not be issued by or on behalf
of the Offeror. No notification will be issued in the event of a rejection of an Acceptance Form that
is incorrectly completed or received after the end of the Offer Period or which for other reasons is
rejected.
This Offer Document will be sent to all Fairstar Shareholders registered in the shareholders register
in the VPS on the date hereof to the addresses held on file at VPS, except for Fairstar
Shareholders in jurisdictions where this Offer Document may not be lawfully distributed. Copies of
this Offer Document are available free of charge at the website of Dockwise (www.dockwise.com),
the website of the Receiving Agent (www.pareto.no) and at the office of the Receiving Agent:
Pareto Securities AS
Dronning Mauds gate 3
P.O. Box 1411 Vika
0115 Oslo
Norway
Telephone: + 47 22 87 87 00
2.13 Legal Venue and Choice of Law
The Offer is subject to Norwegian law. Any dispute arising out of or in connection with this Offer
shall be subject to the exclusive jurisdiction of the Norwegian courts with Oslo District Court as the
legal venue, without prejudice to the jurisdiction of the Dutch courts in certain matters of Dutch
corporate law.
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3 ADDITIONAL INFORMATION REGARDING THE OFFER
3.1
Basis for the Offer Price
3.1.1 General
The Offer Price is primarily based on a discounted cash flow valuation of Fairstar (see Section
3.1.2), and is further supported by other considerations (see Section 3.1.3 through 3.1.7). The
information on Fairstar used by the Offeror for the purpose of this section and other parts of the
Offer Document is based on the Company’s public annual reports and annual accounts, press
releases, analyst reports, other public releases by Fairstar and other materials available in the
public domain. The Offeror has not carried out a due diligence investigation concerning Fairstar.
The Offeror and its representatives disclaim any responsibility and liability for the accuracy or
completeness of such information regarding the Company.
3.1.2 DCF Valuation
The Offeror has based the Offer Price on a discounted cash flow analysis of the business of
Fairstar based on publicly available information derived from Fairstar’s annual reports, press
releases, analyst reports and other public releases by Fairstar. In making this analysis, the Offeror
has not only taken into account its proper assessment and evaluation of the announced order
book, the replacement value of the vessels, historic results and utilization of the existing vessels
Fjord and Fjell and capital expenditures, but also the current level of net debt of Fairstar, the
capex obligations in relation to the Forte and the Finesse of approximately USD 110 million per
31 December 20111 and the going concern paragraph in Fairstar’s audited annual report for 2011
(which lacks an unqualified opinion of the auditor with respect to the going concern) (See Section
3.1.6).
3.1.3 Premium over Share price
The Offeror has prepared an analysis of applicable premiums represented by the Offer Price based
on public information available on the website of the Oslo Børs. The Offer Price represents a
premium of more than 22 per cent compared to the closing price of the Fairstar Shares on Oslo
Børs on 20 April 2012, the last trading day prior to the Announcement Date. As shown below, the
Offer Price also represents a significant premium over the volume weighted average price (VWAP)
of the Fairstar Share over a range of periods in the last year.
Period
NOK
Premium
Closing price pre announcement (20 April 2012).........................................................................
VWAP last month.........................................................................................................................
VWAP last 3 months....................................................................................................................
VWAP 2012 YTD .........................................................................................................................
VWAP last 6 months....................................................................................................................
VWAP last 12 months..................................................................................................................
7.62
7.65
7.72
7.75
7.62
7.85
22%
22%
20%
20%
22%
18%
(VWAP: Volume weighted average price on all individual trades)
Source: Oslo Børs.
3.1.4 Book value per Share
The book value per Share is calculated at NOK 7.48 per 31 December 20112. The Offer Price of
NOK 9.30 per Share corresponds with a 24 per cent premium on this book value per Share.
3.1.5 Offer Price above issue price in previous equity issues
The Offeror has prepared an analysis of applicable premiums above issue prices in previous equity
issues by the Company based on public information available on the website of the Oslo Børs. In
January 2012, the Company performed an equity issue at an issue price of NOK 8.00 per Share.
The Offer Price implies a 16 per cent premium on this issue price. In November, July and June
2010, the Company performed equity issues, in each case at an issue price of NOK 8.50 per
Share. The Offer Price implies a 9 per cent premium on these issue prices. Since the listing of the
Company on Oslo Børs in November 2006, 88 per cent of the Shares issued by the Company
were issued at an issue price below the Offer Price.
1
2
Based on Fairstar’s audited annual report for 2011.
Based on Fairstar’s audited annual report for 2011 and using a NOK/USD exchange rate of 0.175.
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The following table shows the share issues by the Company since the Company’s listing in
November 2006.
Share issue period
Jan 2012 ...........................................................................................................................
Nov 2010 ...........................................................................................................................
Jul 2010.............................................................................................................................
Jun 2010 ...........................................................................................................................
Feb 2010 ...........................................................................................................................
Mar 2009 ...........................................................................................................................
Mar 2009 ...........................................................................................................................
Dec 2006 ...........................................................................................................................
Issue price
(NOK)
Number of new
shares issued
(min)
8.00
8.50
8.50
8.50
12.50
5.00
6.00
28.50
8.1
8.3
0.3
25.0
4.3
6.0
4.2
3.0
Total..................................................................................................................................
of which shares issued below NOK 9.30 ..........................................................................
59.1
51.8
As a % of all shares issued since listing......................................................................
88%
Source: Oslo Børs (http://www.newsweb.no).
3.1.6 Uncertainty regarding Fairstar going concern
On 16 March 2012, the Company published its unaudited annual report for 2011. Later, on 12 April
2012, the Company published the audited version of the annual report for 2011.
Note 12 to the financial statements regarding borrowings in the audited annual report for 2011
(page 56) shows that the Company is in breach of its banking covenants. It is uncertain whether
the breach has been remedied.
The going concern paragraph (page 36 of the audited annual report for 2011) confirms that
Fairstar has a new banking facility in place with a bank syndicate lead by DNB Bank ASA but that
to fulfil the standard market conditions precedent, it needs to obtain additional financing, e.g. down
payments from customers or by entering the capital market. It is uncertain whether such additional
financing has been obtained.
The auditor states on this subject that there is significant doubt about the Company’s ability to
continue as a going concern (page 68 of the audited annual report for 2011):
‘‘We draw attention to the notes to the consolidated financial statements (general
information) and the company financial statements (general), which indicate that the
Company needs to obtain additional financing to fulfill the standard market conditions
precedent for the bank facility. This situation, which is further described in the notes to the
consolidated financial statements and the notes to the company financial statements,
indicates the existence of a material uncertainty which may cast significant doubt about the
Company’s ability to continue as a going concern. Our opinion is not qualified in respect of
this matter.’’
3.1.7 Potential dilution
In conjunction with publishing of Fairstar’s unaudited annual report for 2011, Fairstar announced on
16 March 2012 that its annual general meeting was to be held at 27 April 2012 instead of the
originally planned date of 25 June 2012. The agenda for the annual general meeting included a
proposal to the annual general meeting to authorise the Fairstar Board to issue up to 20 million
new Shares. On 20 April 2012, i.e. one week before the rescheduled annual general meeting on
27 April 2012, Fairstar announced a special general meeting to be held on 1 June 2012, with on
the agenda a proposal to authorise the Fairstar Board to issue up to 30 million new Shares. It was
unclear whether the proposal for the 30 million share issue is intended to be on top of or to
replace the proposal for the 20 million share issue. The annual general meeting on 27 April 2012
was suspended and subsequently ‘‘re-opened’’ on 14 May 2012. At the meeting on 14 May 2012,
the proposal to authorise the Fairstar Board to issue up to 20 million new Shares was not adopted
by the annual general meeting.
Any issue of new Shares as proposed by the Fairstar Board would dilute existing Fairstar
Shareholders:
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*
An issuance of 20 million new Shares would dilute the share capital by 18 per cent.
*
An issuance of 30 million new Shares would dilute the share capital by 25 per cent.
*
An issuance of 50 million new Shares would dilute the share capital by 36 per cent.
3.2
Contact between the Parties prior to the Offer
There has been no contact between Dockwise and the Offeror on the one hand and the Company
on the other hand in respect of the Offer prior to the Announcement Date. However, Dockwise
contacted the Company on the Announcement Date in order to explain the rationale of the Offer to
the Fairstar Board and start consultations on the transaction and the consequences thereof for the
Fairstar stakeholders. At the date of this Offer Document no agreements have been entered into
between Dockwise and the Offeror on the one hand and Fairstar on the other hand, however, the
Offeror intends to continue discussions with the Fairstar Board and has on many occasions invited
the Fairstar Board to do so.
3.3
Impact on the Fairstar Board, the Company’s Management and Employees
The Offeror intends to take appropriate steps in accordance with applicable law to change the
composition of the Fairstar Board and Fairstar’s corporate governance in light of the Offeror being
the majority shareholder of Fairstar. To that end, the Offeror shall take certain measures to align
the corporate structure of Fairstar with the Dockwise’s preferred corporate, tax and financing
structure and to amend the governance structure to better reflect the ownership structure of
Fairstar, including by inter alia, requesting the Fairstar Board to convene an extraordinary general
meeting of Shareholders of Fairstar and to include on the agenda for this meeting the
appointments to the Fairstar Board of nominees of the Offeror. The Offeror may also take steps to
effectuate appropriate amendments of the Fairstar Articles. However, except to the extent
described below, at the date of this Offer Document no detailed nomination and corporate
governance changes have been determined. The discussions between the Offeror and Fairstar may
also lead to certain arrangements on the future governance of Fairstar and the Offeror.
At present, Dockwise envisages that the Supervisory Board going forward will consist of 5
members. It is envisaged that 3 members of the Supervisory Board will be representatives of
Dockwise nominated by the Offeror and that 2 members who are independent from Dockwise,
including the independent chairperson of the Supervisory Board, will remain on or, as the case
may be, be nominated to the Supervisory Board. In this regard, the Offeror will pursue further
discussions with the current members of the Supervisory Board on continuing their position. This
composition of the Supervisory Board is expected to remain in place until the earlier of (i) a BuyOut having been duly initiated (see Section 3.12 ‘‘Buy-Out’’) or (ii) the appropriate moment after
another legal restructuring such as an Asset Sale (see Section 3.13) or a Legal Merger (see
Section 3.14) having been completed. The Offeror also intends to change the composition of the
Management Board to add one or more members to the Management Board to adjust the
corporate governance of Fairstar to the envisaged new situation of becoming an integral part of the
Dockwise Group. In this regard, the Offeror will pursue further discussions with the current
members of the Management Board on continuing their position.
Until any delisting of Fairstar (see Section 3.10 ‘‘Delisting of Fairstar Shares’’), the Dutch corporate
governance code will remain applicable to Fairstar, and the Offeror shall use its best efforts to
procure that Fairstar will continue to adhere to the Dutch corporate governance code by complying
to its principles and best practices or explaining any deviations from those principles and best
practices in accordance with the provisions of the Dutch corporate governance code. The
governance of Fairstar will be structured in such a way that the interests of the Fairstar
stakeholders, including any Shareholders who do not tender their Shares in the Offer, will be
properly looked after. In the event that the Shares cease to be publicly traded as a consequence
of a delisting, the statutory and non-statutory provisions applicable to the governance of public or
listed companies, including the Dutch corporate governance code, will no longer apply and the
rights of minority shareholders will be limited to the required minimum. The intention of Dockwise is
that material transactions between any member of the Dockwise Group on the one hand and any
member of the Fairstar Group on the other hand shall be done on arms’ length terms with
appropriate supervision of the Supervisory Board, including the independent members.
It is the intention of Dockwise to eventually fully integrate the Fairstar organisation and the
Dockwise organisation. However, currently, there are no plans to consolidate the offices of
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Dockwise in Breda and of Fairstar in Rotterdam. Given the vacancies and backlog of both
companies, no forced redundancies are expected as a result of the proposed transaction. Fairstar
employees’ existing rights will be honoured, and there is no intention to change the current flag
state and crew arrangements for the foreseeable future. Execution of the Gorgon and Ichthys
contracts will most likely be exclusively performed through the existing Fairstar organisation. A
successful combination can be expected to enable the combination to be better able to attract,
develop and retain employees as there will be greater and more international career opportunities
in a secure and professional environment with a higher profile brand name for all employees as the
company becomes globally more prominent. If and to the extent that measures are identified that
may affect the employees of Fairstar following the Offer, such measures will be communicated to
employees and will be implemented subject to and in accordance with applicable laws and
agreements.
The current employee participation structure in Fairstar will not change as a result of the intended
transaction.
3.4
Employee Consultation
The relevant and applicable employee consultation procedures have been completed. The works
council of Dockwise has rendered positive advice in respect of the Offer. The Social and Economic
Council (Sociaal-Economische Raad) in the Netherlands and the relevant Dutch trade unions have
been notified of the Offer in accordance with the Dutch SER Merger Code.
3.5
No Special Benefits to Fairstar Directors and Management
No payments of any kind will be made by the Offeror to the the Fairstar Directors and/or the
managers of the Company in connection with the Offer, other than payment of the Offer Price, if
they are Fairstar Shareholders and accept the Offer in their capacity as Fairstar Shareholders in
accordance with this Offer Document, and no prospects for special benefits to such persons has
been given by the Offeror in relation to the Offer.
However, it should be noted that Fairstar has disclosed in note 3 on page 51 in its audited annual
report for 2011 that in the event of a change of control all outstanding options, including options
held by Fairstar Directors and managers of the Company, will be cancelled and paid in cash the
consideration per share over the exercise price. According to Company’s audited annual report for
2011, there were 1,082,000 outstanding options as per 31 December 2011 with an average
exercise price of NOK 7.89.
3.6
Legal Consequences of the Offer
The Offer will result in the Offeror becoming the owner of all the Fairstar Shares validly tendered
under the Offer. The Offeror is not aware of any consents or approvals required from governmental
or regulatory authorities for the completion of the Offer. The Offeror does not expect that the
potential acquisition by the Offeror or any other member of the Dockwise Group of any Fairstar
Shares that remain outstanding after completion of the Offer will be subject to notification in any
jurisdictions.
3.7
Statement in respect of the Offer
Section 6-16 of the Norwegian Securities Trading Act provides that the board of directors of a
target company must issue a statement on its assessment of a takeover offer’s consequences in
respect of the interests of such company, including the effect, if any, of strategic plans by the
Offeror on the employees and the location of such company’s business as well as other factors of
significance for assessing whether the offer should be accepted by the target company’s
shareholders.
Pursuant to section 6-16 of the Norwegian Securities Trading Act, the statement must be made in
respect of the Offer no later than one week prior to the expiry of the Offer Period.
3.8
Acquisition of Fairstar Shares outside the Offer
The Offeror reserves the right to, and may exercise the right to, acquire Fairstar Shares outside
the Offer before, during and after the Offer Period, provided such transactions comply with
applicable laws and regulations.
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The Offeror will publicly disclose acquisitions of Fairstar Shares from Fairstar Shareholders, to the
extent required by Norwegian or Dutch law, in accordance with the procedures described in
Section 2.9 ‘‘Announcements and Amendments of the Offer’’.
3.9
Consequences of the Offer and Subsequent Transactions
The Offeror has a firm desire to become the sole shareholder of Fairstar. To the extent this is not
achieved through the Offer, the Offeror will consider other appropriate measures to be undertaken
to become the owner of 100 per cent of the Fairstar Shares or of the Fairstar business, always in
accordance with applicable laws. Hence, Shareholders who intend not to tender their Shares in the
Offer should carefully review the following Sections 3.10 through 3.18, which describe certain
alternative measures, and some of the implications and risk factors in relation thereto, that they
may become subject to after completion of the Offer. However, there is no guarantee that any of
the described measures will be undertaken or that any of the consequences actually will occur.
3.10 Delisting of the Fairstar Shares
The Offeror may propose that the Fairstar Shares are delisted from Oslo Børs at some stage
following completion of the Offer regardless of the number of Shares acquired under the Offer or
otherwise.
A proposal to submit an application to Oslo Børs for the delisting of the Fairstar Shares requires
the approval of the general meeting of shareholders of Fairstar with at least an absolute majority
(i.e. more than 50 per cent) of the votes cast at the meeting or, if less than 50 per cent of
Fairstar’s issued share capital is present or represented at the meeting, a majority of at least 75
per cent of the votes cast at the meeting. A general meeting of the shareholders of Fairstar to
approve the application to delist the Company may be held as soon as possible after the
Settlement Date. Any delisting from Oslo Børs is to be approved by the board of directors of Oslo
Børs. When considering such application, Oslo Børs must take into account several factors,
including the interests of the minority Shareholders in Fairstar. Oslo Børs may reject an application
to delist the Fairstar Shares, or it may decide on its own initiative to have the Fairstar Shares
delisted.
If an application to delist the Fairstar Shares is made and if the board of directors of Oslo Børs
approves the application to delist the Fairstar Shares, such delisting would significantly reduce the
liquidity and marketability of any Fairstar Shares not tendered under the Offer.
3.11 Post Closing Restructuring and Future Legal Structure (General)
Following completion of the Offer, the Offeror envisages that Fairstar may continue as a direct or
indirect subsidiary of the Offeror. Shareholders who do not tender all their Shares into the Offer will
hold a minority interest in Fairstar unless and until the Offeror becomes the sole Shareholder.
The Offeror reserves the right to use any legally permitted method to acquire all of the Shares
and/or to optimize the corporate, financing and tax structure of Fairstar as part of the Dockwise
Group.
The Offeror may propose (where applicable) and implement (or cause to be implemented)
restructuring measures, including, but not limited to: (i) a Buy-Out (see Section 3.12 ‘‘Buy-Out’’), (ii)
a contribution, sale, transfer and/or exchange of all or substantially all of the assets and/or
liabilities of the Fairstar Group or parts thereof directly, or indirectly, or the pooling of certain assets
of the Fairstar Group (see Section 3.13 ‘‘Asset Sale or Asset Pooling’’), (iii) a Legal Merger (see
Section 3.14 ‘‘Legal Merger’’), (iv) a statutory legal demerger (juridische splitsing) (see Section 3.16
‘‘Other possible Post Closing Restructurings’’ ), (v) a contribution of cash and/or assets by the
Offeror or by an affiliate of the Offeror against the issuance of Shares or preference shares in the
Company’s share capital, in which circumstances the pre-emptive rights (voorkeursrechten) of other
Shareholders could be excluded or may not apply or the issuance of new Shares in general (See
Section 3.15 ‘‘Capital Increase’’), (vi) a distribution of proceeds, cash and/or assets to the
Shareholders, (vii) a dissolution and liquidation of the Company, (viii) amendment of the Fairstar
Articles (see Section 3.17 ‘‘Amendment of the Fairstar Articles’’), (ix) a conversion of Fairstar into a
private company with limited liability, (x) further purchases of Shares, subject to applicable law, in
ordinary stock exchange trading at prices which may, subject to applicable law, be higher or lower
than the Offer Price, (xi) any combination of the foregoing or (xii) any other transactions,
restructurings, share issues, actions, measures, procedures and/or proceedings required to effect
c106630pu020Proof3:14.5.12B/LRevision:0OperatorPutA
21
the aforementioned objectives, in each case in accordance with all applicable laws, rules and
regulations in all applicable jurisdictions and Dutch law in general.
The completion of the Offer and any subsequent measures initiated by the Offeror, within the
restrictions imposed by applicable law, are likely to significantly reduce the trading volume in
Shares and thereby the liquidity of a continued holding of Shares beyond the Settlement Date.
3.12 Buy-Out
In the event that upon the Settlement Date or at any time thereafter the Offeror together with its
affiliates holds 95 per cent or more of the Shares (excluding Shares held by the Fairstar Group),
the Offeror may acquire the remaining outstanding Shares that have not been acquired by the
Offeror, by means of buy-out proceedings (uitkoopprocedure) in accordance with article 2:92a or
2:201a of the DCC or, takeover buy-out proceedings in accordance with article 2:359c of the DCC
(any of these proceedings a ‘‘Buy-Out’’). The Offeror may also initiate a Buy-Out at any time after
the Settlement Date, if and when it is entitled to do so, with respect to shares in any successor
entity to Fairstar, whether such successor entity results from a Legal Merger (see Section 3.14
‘‘Legal Merger’’) or otherwise.
3.13 Asset Sale or Asset Pooling
The Offeror may take steps to cause a sale by Fairstar of all, substantially all or a substantial part
of Fairstar’s assets, rights and/or liabilities to a company directly or indirectly wholly owned by the
Offeror and/or by an affiliate of the Offeror. Any such asset sale may be made at a value that is
different from the value calculated on the basis of Share prices set out in this Offer Document. Any
such asset sale would require the approval of the Fairstar Board, as well as the approval of the
Fairstar general meeting of shareholders (including the Offeror). Following a sale of all or
substantially all of Fairstar’s assets, Fairstar may be liquidated, in which case the proceeds of the
transaction will be distributed to its Shareholders, in accordance with the provisions of the Fairstar
Articles and Dutch law. After the completion of the Asset Sale, another legal restructuring or
transaction concerning Fairstar may be pursued or Fairstar may alternatively continue as listed or
private company or as a separate legal entity for other appropriate purposes within the Dockwise
Group.
The Offeror will likely take steps to set up a pool structure for the vessels of Fairstar with those of
Dockwise. Such a pool structure has been operated by Dockwise with Sakhalin Murneftegas (a
Rosneft subsidiary) for a period of ten years and is currently operated by Dockwise for the Chinese
Offshore Oil Engineering Company (COOEC). Under such a pooling arrangement all participating
vessels’ income is pooled and participants receive a pro rata share, based on the pool points
allocated to each individual vessel, of the pool income. Accordingly, the participating Fairstar and
Dockwise entities will share in the pool income based on those pool points awarded to them.
Profits and losses made in respect of the operation of the pool are to be shared between the
participants. The participants will generally benefit from efficiencies realized by the pooling
arrangement. However, the result realized by the participants will be based on the overall profits
and losses of the pool, which may in a certain period be higher or lower than the result the
individual participants would have realized on their own. The pooling arrangement, including the
allocation of pool points, will be structured at arm’s length terms. As a result of the pooling
arrangement, for (minority) shareholders in Fairstar remaining after the Offer the result of the
overall pool of participants would become the basis for the results realized by Fairstar, instead of
the Fairstar results alone.
Implementation of these steps will be subject to the general principle (see Section 3.3 ‘‘Impact on
the Fairstar Board, the Company’s Management and Employees’’) that material transactions
between any member of the Dockwise Group on the one hand and any member of the Fairstar
Group on the other hand shall be done on arms’ length terms.
3.14 Legal Merger
The Offeror may also by absolute majority vote (if less than 50 per cent of the share capital is
present or represented at such meeting, a 75 per cent majority is required) of the general meeting
of shareholders of Fairstar effect a legal merger (juridische fusie) between Fairstar and the Offeror,
or another member of the Dockwise Group in accordance with articles 2:309 (which article refers to
a ‘‘legal merger’’) and 2:334 of the DCC (which articles refer to a ‘‘triangular merger’’
(driehoeksfusie) pursuant to which the shareholders of the disappearing company will become
c106630pu020Proof3:14.5.12B/LRevision:0OperatorPutA
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shareholders of an affiliate of the surviving company) with Fairstar being the disappearing entity
and the Offeror, or a subsidiary of the Offeror or another member of the Dockwise Group, being
the surviving entity, or a cross border statutory triangular merger (grensoverschrijdende juridische
driehoeksfusie), or as an alternative or precursor to a Legal Merger, a downstream legal merger in
which the a member of the Dockwise Group may be the disappearing entity and Fairstar the
surviving entity, or other form of legal merger permitted by Dutch and other applicable law (each, a
‘‘Legal Merger’’). In the event that the Legal Merger is effected, Shareholders who have not
tendered their Shares under the Offer will become, by operation of law, shareholders in the
surviving entity alongside the existing shareholders in the surviving entity or, in the event of a
‘‘triangular merger’’, will become shareholders in such affiliate, or in case of a downstream merger,
Shareholders will continue to hold their Shares on a diluted basis taking into account any assets or
liabilities merged into Fairstar. For the purpose of this section only any such surviving entity or
affiliate hereafter to be referred to as ‘‘merging entity’’. If, after a Legal Merger is effected, the
majority shareholder of the merging entity holds 95 per cent or more of the capital of the merging
entity, such majority shareholder may initiate a Buy-Out in relation to any shares in the merging
entity not held by such majority shareholder.
The capital of the merging entity may be divided into different classes of shares and any remaining
Shareholders at the time of the merger may acquire one or more classes of ordinary and/or
preference shares in the merging entity, depending on factors such as the rights attaching to the
Shares they hold on the date on which the merger becomes effective and the amount of any debt
financing the surviving entity has outstanding at that time. The capital of the merging entity may
also be divided into shares of unequal nominal amounts that carry the right to cast a different
number of votes per share of such nominal amount; in the context of a Legal Merger the
Shareholders, other than the Offeror, may acquire shares in the merging entity that entitle such
shareholder to cast fewer votes per share than the shares acquired by the Offeror. The
Shareholders, other than the Offeror, may acquire a class of shares in the capital of the merging
entity that pursuant to the articles of association in force at the relevant time can be cancelled
without the approval of the holders of such shares. Upon cancellation, the Shareholders that hold
such shares will receive a cash consideration.
The Offeror may decide to implement different forms of Legal Merger (or other legal restructurings)
after each other, with a different merging entity than the one that disappeared as a result of the
initial Legal Merger. The previous subsection, relating to a Legal Merger and the shares that will
be issued to holders of Shares, will apply mutatis mutandis in such a case.
3.15 Capital Increase
The Offeror is of the opinion that the balance sheet of the Company needs to be substantially
strengthened (see Section 1.4 ‘‘Reasons for the Offer and Plans for the Future Business’’).
Therefore, the Offeror is likely to propose that new Shares will be issued as soon as possible after
the Settlement Date in order to raise proceeds. Currently, it is expected that such proceeds will be
in the range of USD 50-100 million, although this may change depending on the circumstances.
The capital increase may be effectuated through various means, whether through a rights issue or
a private placement at normal market discounts in line with previous private placements of Fairstar,
and/or a placement of preference shares, convertible debt and/or (subordinated) shareholder loans,
while the pre-emptive rights (voorkeursrechten) of Shareholders could be excluded or may not
apply, all in accordance with Dutch law and the Fairstar Articles at that time.
3.16 Other possible Post Closing Restructurings
The Offeror reserves the right to use any other legally permitted method to become the owner of
100 per cent of the Shares or otherwise obtain full ownership of the Fairstar business, including by
way of a de-merger (juridische splitsing) as specified in article 2:334a of the DCC, all in
accordance with Dutch law, other applicable laws and the Fairstar Articles at that time. Also, the
Offeror and Fairstar reserve the right to have the Offeror contribute assets to Fairstar against the
issuance of Shares, in which circumstances the pre-emptive rights (voorkeursrechten) of other
Shareholders could be excluded or may not apply, all in accordance with Dutch law and the
Fairstar Articles at that time. Any distribution may take the form of a distribution out of the
reserves, an interim dividend, a dividend or, in the event Fairstar is also dissolved (ontbonden) and
liquidated, a liquidation distribution.
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3.17 Amendment of the Fairstar Articles
The Offeror reserves the right to take appropriate steps to amend the Fairstar Articles. A proposal
to amend the Fairstar Articles requires the approval of the general meeting of shareholders of
Fairstar with an absolute majority of the votes cast at the meeting or, if less than 50 per cent of
Fairstar’s issued share capital is present or represented at the meeting, a majority of at least 75
per cent of the votes cast at the meeting.
3.18 Dividend Policy
The Offeror expects to cause Fairstar to refrain from paying cash dividends after the Settlement
Date for the foreseeable future, subject to any applicable requirements under Dutch law. It is the
intention of the Offeror that cash generated by Fairstar will be used to repay debt and that no
dividends will be paid until and unless the Fairstar Shareholders’ meeting decides otherwise.
Distributions, if any, on the relevant Shares made after the Settlement Date will be deducted for
purposes of establishing the value per Share in the event of any Legal Merger or other relevant
measure as described in Section 3.11 ‘‘Post Closing Restructuring and Future Legal Structure
(General)’’.
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4
DESCRIPTION OF THE COMPANY
4.1
Introduction
The following section contains a brief presentation of the Company and its operations. The
information on Fairstar is based on the Company’s public accounts and other material in the public
domain. The Offeror has not carried out a due diligence investigation concerning Fairstar. The
Offeror and its representatives disclaim any responsibility and liability for the accuracy or
completeness of the Offer Document in terms of the information regarding the Company. For a
more detailed description of the Company, please refer to the Company’s website:
www.fairstar.com.
Information may also be obtained through the annual reports or quarterly reports of the Company,
or through other public information.
4.2
Company Description
The Company is a Dutch public limited liability company incorporated under the laws of the
Netherlands in 2005. The Company is listed on Oslo Børs under the ticker ‘‘FAIR’’.
Fairstar is a provider of marine heavy transport solutions specializing in high-value cargoes for the
offshore and onshore energy and construction industries. Fairstar was established in Rotterdam in
2005. Fairstar owns and operates two semi-submersible heavy transport ships in the global fleet,
FJORD and FJELL. The 50,000DWT, open-stern semi-submersible vessels FORTE and FINESSE
are currently under construction with Guangzhou Shipbuilding International in China and will be
owned and operated by Fairstar when they are delivered in the course of 2012.
As of 31 December 2011, Fairstar employed a total of 79 employees.
4.3
Shares and Share Capital
As at the date of this Offer Document, the Company has an issued share capital of
EUR 41,019,478.34 divided into 89,172,779 Shares, each with a par value of EUR 0.46. The
Company has only one class of shares.3
As at 31 December 2011, there were 1,082,000 options in the Company outstanding, which are
exercisable at a weighted average price of 7.89 per Share.4 The options are equity settled, but can
be cash settled if this is more efficient. In the event of change in control, all outstanding options
will be cancelled and will be paid in cash the consideration per share over the exercise price.
4.4
Selected Financial Information
4.4.1 General
The tables below include selected consolidated financial information for the Company as of the
financial year ended 31 December 2011.5 The financial information has been prepared in
accordance with IFRS (International Financial Reporting Standards). The consolidated historical
financial data is derived from the Company’s audited financial statements for 2011.
The information and data in this Section 4.4 ‘‘Selected Financial Information’’ is only a summary
and should be read in conjunction with, and is qualified in its entirety by, the Company’s audited
consolidated financial statement for the year ended 31 December 2011 and the related notes
thereto, both available at www.fairstar.com.
3
4
5
Based on Fairstar’s audited annual report for 2011.
Based on Fairstar’s audited annual report for 2011.
Based on Fairstar’s audited annual report for 2011.
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4.4.2 Consolidated Statement of Comprehensive Income
The table below shows a summary of the Company’s consolidated statement of comprehensive
income for the financial years ended 31 December 2011 and 31 December 2010.
Year ended 31 December
2011
2010
(Amounts in USD thousands)
Gross revenue .............................................................................................................................
Voyage related costs ...................................................................................................................
25,488
(12,539)
35,655
(8,670)
Time charter equivalent revenue..............................................................................................
Vessel operating expenses ..........................................................................................................
General and administrative expenses ..........................................................................................
12,949
(7,588)
(10,879)
26,985
(7,060)
(7,660)
Operating expenses, other than depreciation.........................................................................
(18,467)
(14,720)
Earnings before interest, Tax and Depreciation (EBITDA) ....................................................
Depreciation .................................................................................................................................
(5,518)
(8,048)
12,265
(8,016)
Earnings before interest, Tax (EBIT)........................................................................................
Financial income ..........................................................................................................................
Financial expense ........................................................................................................................
(13,566)
6,658
(7,490)
4,249
2,143
(6,164)
Net financing income (expense)...............................................................................................
(832)
(4,021)
Profit / (Loss) before tax ...........................................................................................................
Income tax expenses ...................................................................................................................
(14,398)
—
228
—
Profit / (Loss)..............................................................................................................................
(14,398)
228
Change in valuation of derivative financial instruments ...............................................................
Net expenses recognised in equity ..............................................................................................
1,027
315
Total comprehensive income and expense for the period ....................................................
(13,056)
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197
(2,478)
(2,053)
4.4.3 Consolidated Statement of Financial Position
The tables below show a summary of the Company’s consolidated statement of financial position
as of 31 December 2011 and 31 December 2010.
(Amounts in USD thousands)
As of 31 December
2011
2010
ASSETS
Non-current assets
Vessels and vessels under construction ......................................................................................
Office equipment and leasehold improvements ...........................................................................
266,835
727
224,950
547
267,562
225,497
1,453
1,914
4
1,540
1,350
2,632
1,138
36,514
4,911
41,634
Total assets ................................................................................................................................
272,473
267,131
EQUITY
Capital and reserves attributable to equity holders of the Company
Issued share capital .....................................................................................................................
Share premium.............................................................................................................................
Retained earnings ........................................................................................................................
Hedging reserve...........................................................................................................................
Share-based payments reserve ...................................................................................................
45,874
74,707
(11,241)
(3,947)
688
Total equity.................................................................................................................................
106,081
120,038
LIABILITIES
Non-current liabilities ................................................................................................................
Long term loans ...........................................................................................................................
100,809
108,116
100,809
108,116
9,115
7,061
45,456
3,951
7,487
5,560
19,262
6,668
65,583
38,977
Total liabilities ............................................................................................................................
166,392
147,093
Total equity and liabilities.........................................................................................................
272,473
267,131
Current assets
Inventories....................................................................................................................................
Trade and other receivables ........................................................................................................
Derivative financial instruments....................................................................................................
Cash and cash equivalents..........................................................................................................
Current liabilities
Bank overdraft..............................................................................................................................
Trade and other payables ............................................................................................................
Short term part of long term loans ...............................................................................................
Derivative financial instruments....................................................................................................
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45,866
74,684
4,089
(4,974)
373
4.4.4 Consolidated Statement of Changes in Equity
The tables below show a summary of the Company’s consolidated statement of changes in equity
as of 31 December 2011.
Attributable to equity holders of the company
Sharebased
payments
reserve
(Amounts in USD thousands)
Issued
share
capital
Share
premium
Balance at 1 January 2011 ..........
Issue of equity ................................
Fair value changes hedges ............
Share based payments...................
Share buy back plan ......................
Result for the period.......................
45,866
8
—
—
—
—
74,684
23
—
—
—
—
4,089
—
—
—
(932)
(14,398)
(4,974)
—
1,027
—
—
—
373
—
—
315
—
—
120,038
31
1,027
315
(932)
(14,398)
Balance at 31 December 2011 .....
45,874
74,707
(11,241)
(3,947)
688
106,081
Sharebased
payments
reserve
Total
Retained
earnings
Hedging
reserve
Total
Attributable to equity holders of the company
(Amounts in USD thousands)
Issued
share
capital
Balance at 1 January 2010 ..........
Issue of equity ................................
Fees ...............................................
Fair value changes hedges ............
Share based payments...................
Result for the period.......................
23,478
22,388
—
—
—
—
45,019
32,334
(2,669)
—
—
—
3,861
—
—
—
—
228
(5,171)
—
—
197
—
—
182
—
—
—
191
—
Balance at 31 December 2010 .....
45,866
74,684
4,089
(4,974)
373
Share
premium
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Retained
earnings
Hedging
reserve
67,369
54,722
(2,669)
197
191
228
120,038
4.4.5 Consolidated Cash Flow Statement
The table below shows a summary of the consolidated cash flow statement for the financial years
ended 31 December 2011 and 31 December 2010.
Year ended 31 December
2011
2010
(Amounts in USD thousands)
Cash flows from operating activities
Profit / (Loss) after taxation..........................................................................................................
Change in valuation of derivatives ...............................................................................................
Revaluation of loans in foreign currencies ...................................................................................
Depreciation / amortization ..........................................................................................................
Share-based payments ................................................................................................................
(14,398)
(3,405)
(1,476)
8,048
315
228
(1,279)
—
8,016
191
(10,916)
7,156
Changes in working capital (excluding cash and cash equivalents, derivative financial
instruments and long term loan)...............................................................................................
3,070
(5,556)
Net cash generated from operating activities .........................................................................
(7,846)
1,600
Cash flows from investing activities
Investments in New Builds (FORTE and FINESSE)....................................................................
Investments in other non current assets......................................................................................
(49,075)
(1,039)
(52,293)
(1,533)
Net cash used in investing activities .......................................................................................
(50,114)
(53,826)
Cash flows from financing activities
Issue of equity net of fees (issue and conversion) ......................................................................
Share buy backs ..........................................................................................................................
Sale of derivative financial instruments........................................................................................
Proceeds from new facilities ........................................................................................................
Repayment of loans .....................................................................................................................
31
(932)
2,849
30,156
(9,793)
52,053
—
—
64,828
(31,417)
Net cash from / (used in) financing activities .........................................................................
22,311
85,464
Net increase / (decrease) in cash and cash equivalents .......................................................
Cash and cash equivalents at beginning of the period ................................................................
Effect of exchange rates on cash and cash equivalents
(35,649)
29,027
(953)
33,238
(4,211)
—
Cash and cash equivalents including bank overdraft at 31 December ................................
(7,575)
29,027
4.5
Board and Management
Fairstar is a company with a statutory two-tier board structure and has a management structure
consisting of a Supervisory Board (non-executive) and a Management Board (executive).
According to Fairstar’s filing with the trade register of the Dutch Chamber of Commerce and the
public announcements made by Fairstar, the Supervisory Board consists as at the date of this
Offer Document of the following persons:
*
F. van Riet (Chairman); and
*
H. Verhagen.
According to Fairstar’s filing with the trade register of the Dutch Chamber of Commerce, the
Management Board of the Company consists of the following persons:
*
Philip Adkins (Chief Executive Officer and Chairman of Management Board); and
*
Willem Out (Chief Operating Officer).
29
5 BRIEF DESCRIPTION OF DOCKWISE
Dockwise is a limited liability company organized under the laws of Bermuda with its registered
office at Canon’s Court, 22 Victoria Street, Hamilton HM 12, Bermuda and its head office at Lage
Mosten 21, 4822 NJ, Breda, the Netherlands. Dockwise is registered with the Bermuda Registrar of
Companies under registration number 39466 and with the trade register of the Dutch Chamber of
Commerce under registration number 20161638. The Offeror is a wholly-owned indirect subsidiary
of Dockwise.
Dockwise is the result of a series of business combinations, including the 1993 merger between
Wijsmuller Heavy Transport and Dock Express Shipping, and the merger in 2002 with Offshore
Heavy Transport, which owned the Blue Marlin and the Black Marlin, two of the Company’s largest
vessels. In 2007, the Company acquired an additional six vessels through its merger with Sealift
Ltd. and expanded its engineering and project management capabilities with its acquisitions of
Offshore Kinematics Inc. and Ocean Dynamics LLC.
Dockwise is acknowledged as a leading specialist in heavy transport shipping, and currently owns
18 semi-submersible vessels. Activities include the design, engineering, planning and logistics
necessary to ensure satisfactory collection, transport and delivery of cargoes.
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6
TAX CONSEQUENCES
6.1
Introduction
Set out below is a summary of certain Norwegian tax considerations relevant to the disposal of
Fairstar Shares pursuant to the Offer. The statements below regarding Norwegian taxation are
based on the laws, rules and regulations in force in Norway as of the date of this Offer Document
which may be subject to any changes in law occurring after such date. Such changes could
possibly be made on a retroactive basis. The summary does not purport to be a comprehensive
description of all the Norwegian tax considerations that may be relevant to a decision to dispose of
the Fairstar Shares. Shareholders are advised to consult their own tax advisers concerning their
overall tax situation. Shareholders resident in jurisdictions other than Norway should specifically
consult with and rely upon their own tax advisers with respect to the tax position in their country of
residence.
Please note that for the purpose of the summary below, a reference to a Norwegian or foreign
Shareholder refers to the tax residency rather than the nationality of the Shareholder.
The summary below is based on the assumption that the Company is (a) considered to be
genuinely established in the Netherlands and (b) considered to have genuine economic business
activities in the Netherlands according to current Norwegian tax legislation.
6.2
Norwegian Taxation related to the Offer
6.2.1 General
The disposal of Fairstar Shares is considered a realization for Norwegian tax purposes.
6.2.2 Taxation on Realization of Shares – Norwegian Personal Shareholders
A capital gain or loss derived by a Norwegian personal Shareholder through a disposal of Shares
in the Company is taxable or tax deductible in Norway. Such capital gain or loss is included in or
deducted from the basis for computation of ordinary income in the year of disposal. The ordinary
income is taxable at a rate of 28 per cent. The gain is subject to tax and the loss is tax deductible
irrespective of the duration of the ownership and the number of Shares disposed of.
The taxable gain/deductable loss is calculated as the consideration received less the cost price of
the Share, including costs incurred in relation to the acquisition or realization of the Share. From
this capital gain, Norwegian personal Shareholders are entitled to deduct a calculated allowance
when calculating their taxable income.
The allowance is calculated each year for each Share, and is equal to the cost price of the Share
multiplied by a determined risk free interest rate based on the effective rate after tax of interest on
treasury bills (Norwegian: ‘‘statskasseveksler’’) with three months maturity. Any unused allowance
one year is added to the cost price of the Share and forms the basis for the calculation of the
allowance in the next year. The allowance may only be deducted in order to reduce a taxable gain,
and cannot be deducted in order to increase or produce a deductible loss. The calculated
allowance is allocated to the personal Shareholders holding Shares at the expiration of each
calendar year.
If the Shareholder owns shares acquired at different points in time, the Shares that were acquired
first will be regarded as the first to be disposed of, on a first-in first-out basis.
6.2.3 Taxation on Realization of Shares – Norwegian Corporate Shareholders
Norwegian corporate Shareholders are exempt from tax on capital gains derived from the
realization of Shares qualifying for the Norwegian participation exemption. Losses upon the
realization and costs incurred in connection with the purchase and realization of such Shares are
not deductible for tax purposes.
6.2.4 Taxation on Realization of Shares – Non-Norwegian Shareholders
As a general rule, capital gains generated by non-Norwegian Shareholders are not taxable in
Norway. However, such gains may be subject to Norwegian taxation for non-Norwegian
Shareholders if the shares are held in connection with the conduct of a trade or business in
Norway. In such a case, the Shareholder will be subject to the same taxation as Norwegian
Shareholders as described above, cf. Sections 6.2.2 and 6.2.3 above.
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7
NORSK SAMMENDRAG (NORWEGIAN SUMMARY)
Dette norske sammendraget er en oversettelse av utvalgte deler av det engelsk spra˚klige
tilbudsdokumentet og er kvalifisert i sin helhet av den engelske teksten. Ved eventuelle
uoverensstemmelser mellom den engelske og den norske teksten, skal den engelske teksten være
gjeldende.
This Norwegian summary comprises a translation of certain parts of the English language Offer
Document and is qualified in its entirety by the English language text. In the event of any
inconsistencies between the English and the Norwegian text, the English version shall prevail.
7.1
Tilbudet
Dockwise Ltd. (‘‘Dockwise’’) offentliggjorde den 22. april 2012 at det hadde, gjennom sitt heleide
datterselskap Dockwise White Marlin B.V. (‘‘Tilbyder’’), innga˚tt avtaler (‘‘Aksjekjøpsavtalene’’) med
enkelte Fairstar-Aksjonærer (som definert nedenfor) om kjøp av til sammen 48 738 767 aksjer i
Fairstar Heavy Transport N.V. (‘‘Fairstar’’ eller ‘‘Selskapet’’), tilsvarende ca. 54 % av det samlede
antall utstedte aksjer (‘‘Fairstar-Aksjene’’ eller ‘‘Aksjene’’) i Selskapet. Aksjekjøpsavtaler vedrørende
til sammen 17 133 564 Aksjer, tilsvarende ca. 19 % av det samlede antall utstedte Aksjer, ble
gjennomført 24. april 2012, mens Aksjekjøpsavtalene vedrørende de øvrige 31 605 203 Aksjene,
tilsvarende ca. 35 % av det samlede antall utstedte Aksjer, ble gjort betingede av at
generalforsamlingen i Dockwise traff visse vedtak vedrørende finansiering. Betingede
Aksjekjøpsavtaler for 7 880 022 Aksjer, tilsvarende ca. 9 % av det samlede antall Aksjer, ble
gjennomført 2. mai 2012 etter at Tilbyder den 29. april 2012 hadde frafalt betingelsen for
gjennomføring av avtalene. Den siste utesta˚ende betingede Aksjekjøpsavtalen som relaterte seg til
23 725 181 Aksjer, tilsvarende ca. 26 % av det samlede antall Aksjer, ble ubetinget etter
oppfyllelsen av den gjenværende betingelsen for gjennomføring av avtalen den 9. mai 2012 og
gjennomført den 11. mai 2012.
Som en følge av ovennevnte eier Tilbyder pa˚ datoen for dette Tilbudsdokumentet 48 738 767
Fairstar-Aksjer, tilsvarende ca. 54 % av det samlede antall utstedte Aksjer.
Den 9. mai 2012, da den gjenværende Aksjekjøpsavtalen vedrørende ca. 26 % av Fairstar-Aksjene
ble ubetinget og effektiv, ble det utløst en plikt for Tilbyderen til a˚ fremme et pliktig tilbud (‘‘Pliktig
Tilbud’’). Tilbyderen fremsetter derfor herved et Pliktig Tilbud om a˚ kjøpe alle de gjenværende
utstedte og utesta˚ende Fairstar-Aksjene (‘‘Tilbudet’’) per 14. mai 2012 (‘‘Registreringsdatoen’’) pa˚
de vilka˚r som fremga˚r av dette tilbudsdokumentet med vedlegg (‘‘Tilbudsdokumentet’’). Tilbudet
omfatter ikke, med mindre det motsatte skulle bli besluttet av Tilbyder, eventuelle nye Aksjer
utstedt av Fairstar etter Registreringsdatoen.
Tilbudet fremsettes til alle aksjonærene i Fairstar (‘‘Fairstar-Aksjonærer’’ eller ‘‘Aksjonærer’’) som
lovlig kan motta dette Tilbudsdokumentet og akseptere Tilbudet, se ‘‘Statements and Important
Information’’ ovenfor for ytterligere informasjon. Tilbudsprisen er NOK 9,30 per Aksje
(‘‘Tilbudsprisen’’), som vil bli gjort opp i kontanter. For ytterligere informasjon, se punkt 7.5
‘‘Tilbudsprisen’’ og punkt 7.8 ‘‘Oppgjør’’.
Tilbudsperioden løper fra og med 15. mai 2012 til kl 17.30 (norsk tid) 12. juni 2012
(‘‘Tilbudsperioden’’), og vil kunne forlenges med opp til maksimalt 14 dager (dvs. til en maksimal
Tilbudsperiode pa˚ 6 uker), se punkt 7.6 ‘‘Tilbudsperioden’’ for ytterligere informasjon.
Gjennomføringen av Tilbudet er ikke underlagt noen betingelser.
Pareto Project Finance AS og Pareto Securities AS er engasjert som finansielle ra˚dgivere for
Tilbyder i forbindelse med Tilbudet, og Pareto Securities AS vil ogsa˚ fungere som oppgjørsagent
for Tilbudet.
7.2
Tilbyder
Tilbyderen er et aksjeselskap registrert i Nederland med registrert kontor i Lage Mosten 21,
4822NJ Breda, Nederland. Tilbyder er registrert i det nederlandske handelskammeret med
registreringsnummer 52792862. Tilbyder er et heleid indirekte datterselskap av Dockwise Ltd. Se
punkt 5 ‘‘Brief Description of Dockwise’’ for ytterligere informasjon om Dockwise Ltd. (‘‘Dockwise’’).
Tilbyder eier per datoen for dette Tilbudsdokumentet 48 738 767 Fairstar-Aksjer, tilsvarende
ca. 54 % av det samlede antall utstedte Aksjer i Selskapet. Ingen av Tilbyders nærsta˚ende, som
definert i verdipapirhandelloven § 2-5 (‘‘Nærsta˚ende’’), er eiere av Fairstar-Aksjer. Videre er verken
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Tilbyder eller Tilbyders Nærsta˚ende for tiden part i noen avtaler med de gjenværende Aksjonærene
i Selskapet eller har noen opsjoner, konvertible la˚n eller lignende rettigheter til a˚ erverve ytterligere
Fairstar-Aksjer.
7.3
Selskapet
Fairstar er et allment aksjeselskap registrert i Nederland med hovedkontor i Weena 316 – 318,
Tower A, 3012 NJ Rotterdam, Nederland. Selskapets registreringsnummer hos det nederlandske
handelskammeret er 24380374.
Fairstar er en ledende tilbyder av løsninger for maritim tungtransport med spesialisering innen
høyverdifrakt for offshore og landbasert energi og konstruksjonsindustrier. Fairstar ble opprettet i
Rotterdam, Nederland, i 2005.
Fairstar-Aksjene er notert pa˚ Oslo Børs under selskapsticker ‘‘FAIR’’ og er registrert i VPS med
internasjonalt verdipapiridentifikasjonsnummer (‘‘ISIN’’) NL0000026292.
Se punkt 4 ‘‘Description of the Company’’ for ytterligere informasjon om Fairstar.
7.4
Bakgrunn for Tilbudet
Tilbyder er iht. nederlandsk lovgivning forpliktet til a˚ fremsette Tilbudet i samsvar med reglene om
Pliktig Tilbud i den norske verdipapirhandelloven ettersom Tilbyder ervervet mer enn 30 % av
Fairstar-Aksjene gjennom Aksjekjøpsavtalene.
Dockwise og Selskapet er begge ledende leverandører av maritime tungtransportløsninger og
Dockwise tror at en sammensla˚ing av de to fla˚tene vil ytterligere styrke deres posisjon. Fairstar har
en sterk posisjon innen nedstrøms energiproduksjon som passer med Dockwise sin strategi, og
ervervet av Fairstar passer programmet for utskiftning av fartøy i Dockwise.
7.5
Tilbudsprisen
Aksjonærer som aksepterer Tilbudet vil motta NOK 9,30 per Aksje i kontanter i henhold til
vilka˚rene i dette Tilbudet.
Tilbudsprisen utgjør en premie pa˚ mer enn 22 % i forhold til sluttkursen til Selskapets Aksje pa˚
Oslo Børs den 20. april 2012, som var den siste handelsdagen før Tilbyders offentliggjøring av et
mulig tilbud pa˚ Fairstar-Aksjene.
Dersom Selskapet utbetaler utbytte eller foretar andre utdelinger til sine Aksjonærer og
skjæringsdatoen er før oppgjørsdagen for Tilbudet, vil Tilbudsprisen per Fairstar-Aksje bli redusert
med et beløp som tilsvarer størrelsen pa˚ utdelingen per Fairstar-Aksje. Hvis det finner sted en
splitt eller en spleis av Fairstar-Aksjene, vil Tilbudsprisen for Fairstar-Aksjene bli justert tilsvarende.
7.6
Tilbudsperioden
Tilbudsperioden for Tilbudet løper fra og med 15. mai 2012 til kl 17.30 (norsk tid) 12. juni 2012
(‘‘Tilbudsperioden’’).
Tilbyder forbeholder seg uttrykkelig retten til a˚ godkjenne aksepter som mottas etter utløpet av
Tilbudsperioden og til enhver tid og e´n eller flere ganger a˚ forlenge Tilbudsperioden med inntil
maksimalt 14 dager (dvs. til en maksimal Tilbudsperiode pa˚ 6 uker). Enhver forlengelse av
Tilbudsperioden vil kunngjøres i samsvar med kravene i verdipapirhandelloven og skal gjøres innen
handelen a˚pnes pa˚ Oslo Børs virkedagen etter utløpet av den dagjeldende Tilbudsperioden pa˚ den
ma˚te som er beskrevet i punkt 2.9 ‘‘Announcements and Amendments of the Offer’’. Den siste
mulige dagen for utløp av Tilbudsperioden for Tilbudet ved maksimal forlengelse er 26. juni 2012.
7.7
Aksept av Tilbudet
For at en Fairstar-Aksjonær skal akseptere Tilbudet, ma˚ en akseptblankett (‘‘Akseptblankett’’) fylles
ut korrekt, signeres og leveres til, og mottas av, Pareto Securities AS innen utløpet av
Tilbudsperioden (som forlenget, hvis aktuelt). Pa˚ Akseptblanketten vil informasjon om
aksjebeholding og enkelte andre forhold relatert til den enkelte Aksjonær være forha˚ndsutfylt.
Akseptblanketten er vedlagt som Appendix 1
(norskspra˚klig versjon) til dette Tilbudsdokumentet.
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(engelskspra˚klig
versjon)
og
Appendix
2
Akseptblanketter ma˚ være mottatt av Pareto Securities AS via post, bud, telefaks eller e-post pa˚
følgende adresse:
Pareto Securities AS
Dronning Mauds gate 3
Postboks 1411 Vika
0115 Oslo
Norge
Telefon: + 47 22 87 87 00
Telefax: +47 22 87 87 10
E-post: tas@pareto.no
Dersom Akseptblanketten leveres per e-post, sa˚ ma˚ en skannet kopi av den signerte
Akseptblanketten vedlegges e-posten.
Hvis Akseptblanketten er undertegnet av en person som opptrer pa˚ vegne av Fairstar-Aksjonæren,
ma˚ dokumentasjon pa˚ vedkommendes rett til a˚ signere Akseptblanketten, for eksempel en fullmakt
og/eller firmaattest, leveres sammen med Akseptblanketten for at aksepten skal være gyldig.
Aksepten er ugjenkallelig og kan ikke trekkes tilbake etter mottak av Pareto Securities AS.
Alle Fairstar-Aksjer som overtas i henhold til Tilbudet ma˚ overføres fri for enhver heftelse eller
andre tredjepartsrettigheter av hvilken som helst art, og med alle aksjonærrettigheter knyttet til seg.
Aksepten vil bare være gyldig hvis samtlige tredjeparter med registrerte heftelser eller andre
tredjepartsrettigheter i de(n) relevante VPS-kontoen(e) gir sitt samtykke til at Aksjene kan overføres
til Tilbyder fri for enhver heftelse eller andre tredjepartsrettigheter ved a˚ underskrive pa˚
Akseptblanketten.
For at en Fairstar-Aksjonær skal kunne bli berettiget til a˚ selge vedkommendes Aksjer pa˚ de vilka˚r
som følger av Tilbudsdokumentet, ma˚ de ovennevnte instruksjonene følges.
Tilbyder forbeholder seg retten til a˚ avvise enhver aksept av Tilbudet som ikke er formriktig, eller
som kan være ulovlig. Tilbyder forbeholder seg videre retten, men skal ikke under noen
omstendigheter være forpliktet, til a˚ akseptere Akseptblanketter som er ukorrekte eller levert for
sent, samt retten til a˚ behandle en aksept av Tilbudet som gyldig, helt eller delvis, selv om den
ikke er fullt ut i henhold til kravene eller den pa˚krevde dokumentasjon fordi fullmakt mangler eller
hvis den er mottatt pa˚ andre steder enn angitt ovenfor. Tilbyder vil imidlertid sørge for at plikten til
a˚ behandle Aksjonærer likt etter verdipapirhandelloven § 6-10 (9) blir overholdt na˚r Tilbyder utøver
sitt skjønn i henhold til det ovensta˚ende. Aksjonærer som har Fairstar-Aksjer fordelt pa˚ flere VPSkontoer vil motta en separat Akseptblankett for hver konto, og ma˚ sende inn en separat
Akseptblankett for hver konto.
Fairstar-Aksjonærer som har Fairstar-Aksjer registrert i navnet til en megler, forhandler, kommersiell
bank, trust-selskap eller andre tredjeparter, ma˚ kontakte vedkommende part dersom FairstarAksjonæren ønsker a˚ akseptere Tilbudet for de aktuelle Fairstar-Aksjene.
Fairstar-Aksjonæren eller dennes autoriserte fullmektig ma˚ signere Akseptblanketten for at aksepten
skal være gyldig.
Ved a˚ levere en korrekt utfylt Akseptblankett, gir Aksjonærene en ugjenkallelig fullmakt til Pareto
Securities AS til a˚ sperre Aksjene som er gjenstand for aksepten til fordel for Pareto Securities AS
pa˚ vegne av Tilbyder. Aksjonærene vil ikke ha mulighet til a˚ selge, pantsette eller pa˚ annen ma˚te
behefte eller overføre Aksjene na˚r Akseptblanketten er levert til Pareto Securities AS. Aksjonærer
som aksepterer Tilbudet vil beholde sitt eierskap til Fairstar-Aksjene inntil Tilbudet er gjennomført.
Alle aksjonærrettigheter skal, i den utstrekning det er tillatt etter gjeldende rett, forbli hos
Aksjonæren inntil Tilbudet er gjennomført.
Ved a˚ akseptere Tilbudet gir Aksjonærene en ugjenkallelig fullmakt til Pareto Securities AS til a˚
registrere en slik blokkering av Aksjonærenes Fairstar-Aksjer til fordel for Pareto Securities AS pa˚
vegne av Tilbyder og til a˚ overføre slike Fairstar-Aksjer til Tilbyder i forbindelse med gjennomføring
og oppgjør av Tilbudet. Oppgjør for Aksjene vil skje samtidig med overføringen av Fairstar-Aksjene
til Tilbyder.
Aksjonærer som eier Fairstar-Aksjer pa˚ mer enn e´n VPS-konto vil motta e´n Akseptblankett for hver
slik konto. Med mindre Aksjonæren angir annet i Akseptblanketten vil en aksept omfatte alle
Fairstar-Aksjene pa˚ VPS-kontoen som aksepten knytter seg til. For Fairstar-Aksjer som er registrert
pa˚ VPS-kontoer i navnet til en megler, forhandler, kommersiell bank, trust-selskap eller andre
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tredjeparter, vil derimot aksepten kun omfatte de relevante Fairstar-Aksjene pa˚ VPS-kontoen som
Tilbudet faktisk har blitt akseptert for, og ingen andre Fairstar-Aksjer registrert pa˚ den samme VPSkontoen som ikke omfattes av aksepten av Tilbudet. Med mindre Aksjonæren angir annet i
Akseptblanketten vil aksepten ogsa˚ omfatte alle Aksjer som er ervervet, eller som senere erverves,
og som blir kreditert pa˚ ovennevnte VPS-konto inntil Aksjene er debitert fra akseptantens VPSkonto og overført til en deponeringskonto i Pareto Securities AS navn, bortsett fra Fairstar-Aksjer
pa˚ VPS-kontoer i navnet til megler, forhandler, kommersiell bank, trust-selskap eller andre
tredjeparter som ikke er omfattet av aksepten av Tilbudet.
Pareto Securities AS ma˚ i henhold til den norske verdipapirhandelloven kategorisere alle nye
kunder i e´n av tre kundekategorier. Alle Aksjonærer som inngir en Akseptblankett, og som ikke er
eksisterende kunder hos Pareto Securities AS, vil bli kategorisert som ikke-profesjonelle kunder.
Aksjonæren kan kontakte Pareto Securities AS for ytterligere informasjon om kategoriseringen.
Pareto Securities AS vil behandle inngivelsen av Akseptblanketten som en instruksjon fra
Aksjonæren begrenset til gjennomføringen av salget av Aksjene under Tilbudet (‘‘execution only’’),
ettersom Pareto Securities AS ikke er i en posisjon til a˚ vurdere hvorvidt aksepten og salget av
Aksjene er passende for Aksjonæren.
7.8
Oppgjør
Tilbudsprisen vil bli gjort opp i kontanter i NOK. Kontantutbetalingen til akseptantene vil bli
gjennomført snarlig, og ikke senere enn 14 dager, etter utløpet av Tilbudsperioden (som forlenget,
hvis aktuelt).
Ved maksimal forlengelse av Tilbudsperioden (dvs. med 14 dager) er den seneste dagen oppgjøret
for Tilbudet kan finne sted pa˚ følgelig 11. juli 2012.
Det relevante vederlaget til de enkelte akseptantene vil bli overført til bankkontoen som pa˚
tidspunktet for aksepten var registrert i VPS som innbetalingskonto for utbytte til vedkommende
Aksjonær. Hvis det ikke er registrert noen bankkonto i VPS som kan benyttes for oppgjør, ma˚
Aksjonæren indikere pa˚ Akseptblanketten (eller pa˚ et separat ark som sendes inn sammen med
Akseptblanketten) hvilken bankkonto betalingen skal overføres til. For Aksjonærer som er bosatt i
Norge vil oppgjøret skje ved utstedelse av en bankremisse dersom det ikke er registrert noen
bankkonto i VPS eller opplyst noen bankkonto pa˚ Akseptblanketten (eller pa˚ et separat ark som
sendes inn sammen med Akseptblanketten). Aksjonærer uten bankkonto i en norsk bank ma˚ pa˚
Akseptblanketten (eller pa˚ et separat ark som sendes inn sammen med Akseptblanketten) oppgi
betalingsdetaljer for overføring til utlandet, som for eksempel IBAN, SWIFT/BIC eller lignende
betalingskoder avhengig av jurisdiksjonen der bankkontoen er lokalisert. Hvis ikke betalingsdetaljer
er tilgjengelige for Aksjonærer med adresse utenfor Norge, vil oppgjøret skje ved at en valutasjekk
blir sendt per post.
Akseptantene vil ikke motta noen rentekompensasjon, verken for perioden fra aksept og frem til
oppgjørsdagen eller dersom Tilbudsperioden forlenges.
7.9
Betydningen for Fairstar-styret, Selskapets Ledelse og Ansatte
Tilbyder vil foreta de nødvendige handlinger i overensstemmelse med gjeldende lovgivning for a˚
endre sammensetningen av styret og ledelsen i Fairstar for a˚ tilpasse til den nye eierstrukturen i
Selskapet, herunder i lys av at Dockwise Ltd. gjennom Tilbyderen har blitt Selskapets
majoritetsaksjonær. Dockwise har en intensjon om pa˚ sikt a˚ integrere organisasjonene til Fairstar
og Dockwise. Pa˚ na˚værende tidspunkt foreligger det imidlertid ingen planer om a˚ sla˚ sammen
kontoret til Dockwise i Breda og kontoret til Fairstar i Rotterdam. Som følge av ledigheten og
ordebøkene i begge selskapene, er det ikke forventet noen tvungne oppsigelser av ansatte som et
resultat av den foresla˚tte transaksjonen. De eksisterende rettighetene til de ansatte i Fairstar vil bli
honorert, og det er ikke noen planer om a˚ endre gjeldende flaggstat eller ordningene til
besetningen. Dersom det identifiseres tiltak som kan pa˚virke de ansatte i Fairstar etter Tilbudet, vil
slike tiltak bli kommunisert til de ansatte og implementert i samsvar med gjeldende lover og
avtaler. Se nærmere om dette i punkt 3.3 ‘‘Impact on the Fairstar Board, the Company’s
Management and Employees’’.
7.10 Tvungen Overføring av Aksjer og andre tiltak
For det tilfellet at Tilbyder gjennom Tilbudet eller pa˚ annen ma˚te blir eier av 95 % eller mer av
Aksjene i Selskapet, vil Tilbyder kunne erverve de gjenværende Aksjene gjennom en sa˚kalt ‘‘Buyout procedure’’. Tilbyder vil ogsa˚ kunne foreta en rekke andre tiltak, herunder fusjon, fisjon og
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restruktureringer av Selskapet, som vil kunne ha betydning for Aksjonærene. Se nærmere om dette
i punkt 3.9 til 3.18.
7.11 Strykning fra Oslo Børs
Tilbyder kan foresla˚ at det søkes om at Fairstar-Aksjene strykes fra Oslo Børs etter
gjennomføringen av Tilbudet uavhengig av antallet Aksjer som erverves under Tilbudet.
Et forslag om a˚ stryke Fairstar-Aksjene krever godkjenning av et alminnelig flertall av de avgitte
stemmene pa˚ en generalforsamling i Selskapet, med mindre færre aksjer enn 50 % av
aksjekapitalen er tilstede, i hvilket tilfelle 75 % av de avgitte stemmene kreves. Enhver strykning
fra Oslo Børs skal godkjennes av styret i Oslo Børs. Na˚r Oslo Børs vurderer en slik søknad legges
det vekt pa˚ en rekke faktorer, herunder blant annet hensynet til minoritetsaksjonærene i Fairstar.
Oslo Børs kan gi avslag pa˚ en søknad om strykning av Fairstar-Aksjene, eller pa˚ eget initiativ
beslutte at Fairstar-Aksjene skal strykes.
Dersom styret i Oslo Børs godkjenner en søknad om a˚ stryke Fairstar-Aksjene, vil en slik strykning
i betydelig grad redusere likviditeten og omsettelsesmulighetene for Fairstar-Aksjer som ikke
erverves under Tilbudet.
7.12 Verneting og Lovvalg
Tilbudet er underlagt norsk rett. Enhver tvist som oppsta˚r under eller i forbindelse med dette
Tilbudet skal være underlagt norske domstolers eksklusive jurisdiksjon med Oslo tingrett som
verneting.
7.13 Diverse
Det vil ikke bli gitt noen bekreftelse pa˚ mottak av Akseptblanketten eller andre dokumenter av eller
pa˚ vegne av Tilbyder. Det vil heller ikke bli gitt noen melding for det tilfelle at Akseptblanketten
avvises pa˚ grunn av formfeil eller mottak etter utløpet av Tilbudsperioden.
Dette Tilbudsdokumentet vil bli sendt til alle Fairstar-Aksjonærer som er registrert i
aksjonærregisteret i VPS per datoen for Tilbudsdokumentet til de adresser som er registrert i VPS,
med unntak av Fairstar-Aksjonærer i jurisdiksjoner der det ikke er rettslig adgang til a˚ distribuere
dette Tilbudsdokumentet. En vederlagsfri kopi av dette Tilbudsdokumentet kan fa˚s pa˚ Dokwise Ltd.
hjemmeside (www.dockwise.com), Pareto Securities AS hjemmeside (www.pareto.no) og Pareto
Securities AS’ kontor:
Pareto Securities AS
Dronning Mauds gate 3
Postboks 1411 Vika
0115 Oslo
Norge
Telefon: + 47 22 87 87 00
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––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Appendix 1
Acceptance Form
For use in accepting the Mandatory Offer by Dockwise White Marlin B.V. (the ‘‘Offeror’’) described in the Offer Document
dated 14 May 2012 to acquire all issued and outstanding Shares in Fairstar Heavy Transport N.V. (‘‘Fairstar’’ or the
‘‘Company’’) that are not already owned by the Offeror. Capitalised terms used in this Acceptance Form shall have the
same meaning as set out in, and be deemed to be construed in accordance with, the Offer Document. The terms of the
Offer are set forth in the Offer Document, see Section 2 ‘‘Terms of the Offer’’ and in particular Section 2.5 ‘‘Acceptance of
the Offer’’ of the Offer Document.
Offer Price: NOK 9.30 per Share
Offer Period: From and including 15 May 2012 to 17:30 hours (CET) on 12 June 2012
Return to:
Pareto Securities AS
Dronning Mauds gate 3
P.O. Box 1411 Vika
0115 Oslo
Norway
Telefax: +47 22 87 87 10
E-mail: tas@pareto.no
Shareholdings registered with the VPS:
The shareholder register of the Company maintained in the VPS as of 14 May 2012 shows the following:
VPS Account:
Number of Shares:
Rights holder registered:
Guidance:
*
Shareholders should read the Offer Document carefully, and note in particular the information and restrictions
described in the section headed ‘‘Statements and Important Information’’.
*
Shareholders whose Shares are held in more than one VPS account will receive one Acceptance Form for each such
account.
*
This Acceptance includes Shares which, in addition to the Shares stipulated in the box ‘‘Number of Shares’’ under
‘‘Shareholdings registered with the VPS’’ above, have been or will be acquired and which will be credited to the VPS
account set out above.
*
Settlement of the Offer Price will be made in accordance with the procedures set forth in Section 2.7 ‘‘Settlement’’ of
the Offer Document.
*
This Acceptance will be treated as valid only if any rights holder (marked with a ‘‘Yes’’ under ‘‘Right holder registered’’
in the right box under ‘‘Shareholdings registered in the VPS’’ above) has consented to the sale and transfer of the
Shares free of encumbrances or other third-party rights to the Offeror by signing this Acceptance Form under ‘‘Rights
holder’’ below.
Acceptance:
By duly executing and delivering this Acceptance Form I/we represent and warrant that I/we have received and carefully
reviewed the Offer Document, and irrevocably accept the Offer for all of my/our Shares in the Company in accordance
with the terms of the Offer as set forth in the Offer Document. If you wish to accept the Offer for a lower number of Shares
than the holding of Shares on the above VPS account and/or you do not wish to accept the Offer for Shares acquired after
the date of this Acceptance Form, please complete the following information: I/we only irrevocably accept the Offer for
_____________ Shares in the Company.
Signature:
____________________
Place
*
____________________
Date
____________________
Signature*
____________________
Telephone daytime
If signed by power of attorney, the power of attorney (and with respect to companies, Certificate of Registration or similar documentation) shall
be enclosed. If signed by a person with signatory right, Certificate of Registration or similar documentation shall be enclosed.
If relevant, fill in bank account for cash settlement:
Payment to Shareholders who do not have a Norwegian bank account connected to their VPS account**:
Fill in here:___________________________________________ and ___________________________________________
Bank account number/IBAN-number
**
SWIFT/BIC-code
The Receiving Agent should be contacted in respect of Shareholders who do not hold a bank account with a Norwegian bank.
Rights holder:
As rights holder, the undersigned consents to the transfer of the Shares to the Offeror free of encumbrances or other thirdparty rights.
____________________
Place
____________________
Date
_______________________
Rights holder’s signature***
*** If signed by power of attorney, the power of attorney (and with respect to companies, certificate of registration or similar documentation) shall be
enclosed. If signed by a person with signatory right, certificate of registration or similar documentation shall be enclosed. If more than one rights
holder is registered, each rights holder must sign.
%
––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Appendix 2
Akseptblankett
Til bruk ved aksept av det pliktige tilbudet fra Dockwise White Marlin B.V. (‘‘Tilbyder’’) beskrevet i Tilbudsdokumentet
datert 14. mai 2012 om kjøp av alle utstedte og utesta˚ende aksjer i Fairstar Heavy Transport N.V. (‘‘Fairstar’’ eller
’’Selskapet’’) og som ikke allerede er eiet av Tilbyder. Uttrykk med stor forbokstav i denne Akseptblanketten, skal ha
samme innhold, og tolkes pa˚ samme ma˚te, som i Tilbudsdokumentet. Vilka˚rene for Tilbudet er inntatt i
Tilbudsdokumentet, se punkt 2 ’’Terms of the Offer’’ og særlig punkt 2.5 ’’Acceptance of the Offer’’ i Tilbudsdokumentet.
Tilbudspris: NOK 9,30 per Aksje
Tilbudsperiode: Fra og med 15. mai 2012 til kl 17.30 (norsk tid) 12. juni 2012
Returneres til:
Pareto Securities AS
Dronning Mauds gate 3
Postboks 1411 Vika
0115 Oslo
Norge
Telefax: +47 22 87 87 10
E-post: tas@pareto.no
Aksjebeholdning registrert i VPS:
Selskapets aksjonærregister i VPS viser per 14. mai 2012 følgende:
VPS-konto:
Antall Aksjer:
Registrerte rettighetshavere:
Veiledning:
*
Aksjonærer bør lese Tilbudsdokumentet grundig og merke seg spesielt informasjonen og begrensningene inntatt i
punktet med overskriften ’’Statements and Important Information’’.
*
Aksjonærer som har Aksjer fordelt pa˚ mer enn e´n VPS-konto vil motta e´n Akseptblankett for hver av kontoene.
*
Denne aksepten omfatter i tillegg til Aksjene inntatt i boksen ’’Antall Aksjer’’ under ’’Aksjebeholdning registrert i VPS’’
ovenfor, ogsa˚ Aksjer som har blitt eller blir ervervet og som vil bli kreditert til VPS-kontoen indikert ovenfor.
*
Oppgjøret av Tilbudsprisen vil gjennomføres i henhold til prosedyrene beskrevet i punkt 2.7 ’’Settlement’’ i
Tilbudsdokumentet.
*
Denne aksepten vil bare behandles som gyldig dersom samtlige rettighetshavere (markert med et ’’Ja’’ under
’’Registrerte rettighetshavere’’ i boksen til høyre under ’’Aksjebeholdning registrert i VPS’’ ovenfor) har samtykket til at
Aksjene selges og overføres til Tilbyder fri for heftelser eller andre tredjepartsrettigheter ved a˚ signere pa˚ denne
Akseptblanketten under ’’Rettighetshaver’’ nedenfor.
Aksept:
Ved a˚ utfylle og sende inn denne Akseptblanketten, bekrefter jeg/vi at jeg/vi har mottatt og grundig ga˚tt igjennom
Tilbudsdokumentet, og ugjenkallelig aksepterer Tilbudet for alle mine/va˚re aksjer i Selskapet pa˚ de vilka˚r for Tilbudet
som fremga˚r av Tilbudsdokumentet. Dersom du ønsker a˚ akseptere Tilbudet for et færre antall Aksjer enn beholdingen pa˚
ovensta˚ende VPS-konto og/eller ikke ønsker a˚ akseptere Tilbudet for Aksjer ervervet etter dato for denne
Akseptblanketten, vennligst fyll inn følgende informasjon: Jeg/vi ugjenkallelig aksepterer Tilbudet kun for
_____________ Aksjer i Selskapet.
Signatur:
____________________
Sted
*
____________________
Dato
____________________
Signatur*
____________________
Telefon dagtid
Hvis signert i henhold til fullmakt, skal fullmakt (og for selskaper, firmaattest eller tilsvarende dokumentasjon) følge vedlagt. Hvis signert av en
person med signaturrett, skal firmaattest eller tilsvarende dokumentasjon vedlegges.
Fyll inn bankkonto for kontantoppgjør, hvis relevant:
Betaling til Aksjonærer som ikke har en norsk bankkonto knyttet til deres VPS-konto**:
Fyll ut:___________________________________________________ og ________________________________________
Bankkontonummer/IBAN-nummer
**
SWIFT/BIC-kode
Aksjonærer som ikke har en bankkonto i en norsk bank bør kontakte Pareto Securities AS.
Rettighetshaver:
Som rettighetshaver, samtykker undertegnede til at Aksjene overføres til Tilbyder fri for heftelser eller andre
tredjepartsrettigheter.
____________________
Sted
____________________
Dato
_______________________
Rettighetshavers signatur***
*** Hvis signert i henhold til fullmakt skal fullmakt (og for selskaper, firmaattest eller tilsvarende dokumentasjon) følge vedlagt. Hvis signert av en
person med signaturrett, skal firmaattest eller tilsvarende dokumentasjon vedlegges. Hvis det er registrert mer enn e´n rettighetshaver, ma˚ hver
enkelt rettighetshaver signere.
Appendix 3
Text of Mandatory Offer Guarantee
Offer Guarantee
Bank guarantee issued in connection with the mandatory offer to purchase all remaining shares in Fairstar Heavy Transport
N.V. by Dockwise White Marlin B.V.
In connection with the mandatory offer by Dockwise White Marlin B.V. (the ‘‘Offeror’’) for the acquisition of all the issued and
outstanding shares of Fairstar Heavy Transport N.V. (the "Shares"), in accordance with the Norwegian Securities Trading Act
(the ‘‘Offer’’), and based on the offering document for the Offer dated 14 May 2012 (the ‘‘Offer Document’’) and at the
request of and for the account of the Offeror we, Pareto Bank ASA, unconditionally guarantee as for our own debt (in
Norwegian: ‘‘selvskyldnergaranti’’) the payment of NOK 9.30 per Share to shareholders of Fairstar Heavy Transport N.V.
who have accepted the Offer in accordance with the terms of the Offer Document.
Our liability under this guarantee is limited to the Principal Guarantee Amount (as defined below) plus statutory default
interests (currently 8.75 per cent interest per annum) for late payment for a period of up to four weeks (the ‘‘Guarantee
Period’’), calculated from the due date of the settlement of the Offer. To the extent that any decision to change the
Norwegian default interest is adopted within the Guarantee Period, such changed default interest is comprised by this
guarantee.
As used herein, the term ‘‘Principal Guarantee Amount’’ means: NOK 376,036,312 which is equal to the maximum amount
payable by the Offeror pursuant to the offer price of NOK 9.30 per Share of Fairstar Heavy Transport N.V. multiplied with all
remaining outstanding Shares of Fairstar Heavy Transport N.V. not already owned by the Offeror, i.e. 40,434,012 Shares.
Claims under this guarantee may be made only after the date of due payment in accordance with the terms of the Offer and
must be received by us before 16:00 hours (CET) on 26 July 2012, after which time this guarantee lapses, and shall be
made to Pareto Bank ASA. If the acceptance period for the Offer is extended (which under the terms of the Offer can be
done by maximum two weeks), the duration of this guarantee is extended accordingly. In such case the guarantee will lapse
16:00 hours (CET) four weeks following the extended settlement date for the Offer (at the latest 9 August 2012).
Claims under this guarantee shall be made in writing to:
Pareto Bank ASA
Attn: Lars Erik Næss
Dronning Mauds gate 3, P.O. Box 1823 Vika, N-0123 Oslo, Norway
Claims under this guarantee shall be accompanied by:
(a)
Evidence that the claimant is the owner of the shares relating to the acceptance and confirmation from the claimant’s
account manager that the Shares will be transferred to the Offeror free of any charge etc. as soon as payment has
been made,
(b)
A statement by the claimant that no payment has been received for the Shares relating to the acceptance; and
(c)
A copy of the duly completed acceptance form.
Settlement will be made against transfer to the Offeror of the Shares in question.
Pursuant to Section 6-3 (2) cf. Section 6-10 of the Securities Trading Regulations of 29 June 2007 no. 876 regarding inter
alia the requirements for guarantees in respect of mandatory offers, the Principal Guarantee Amount may be reduced after
expiry of the acceptance period of the Offer, provided that Oslo Børs permits it.
This guarantee shall have a term from the start of the acceptance period in the Offer and until the above stipulated deadline
for making claims under the guarantee.
This guarantee shall be governed by and construed in accordance with Norwegian law.
Oslo, 14 May 2012
for Pareto Bank ASA
[This page is intentionally left blank]
Fairstar Heavy Transport N.V.
Weena 316 – 318, Tower A
3012 NJ Rotterdam
The Netherlands
Dockwise White Marlin B.V.
Lage Mosten 21
4822 NJ Breda
The Netherlands
Financial Advisers:
Pareto Project Finance AS
Pareto Securities AS
Receiving Agent:
Pareto Securities AS
Legal Advisers:
Thommessen
(Norwegian counsel)
Nauta Dutilh N.V.
(Dutch counsel)
14 May 2012
imprima — C106630