FAMATOWN FINANCE LIMITED


Associated tags: NYSE, Common stock, INSW, Security (finance), Transport, Letter

Locations: LIMASSOL, CY, LONDON, EUROPE, CYPRUS

Seatankers Group Delivers Open Letter to Fellow Shareholders of International Seaways, Inc.

Retrieved on: 
Tuesday, May 30, 2023
Diamond, Common stock, Neo, Fear, Trust, Trust law, Acquisition, Frustration, Annual general meeting, NYSE, NEO, Security (finance), Holding company, Management, INSW

NEW YORK, May 30, 2023 (GLOBE NEWSWIRE) -- Famatown Finance Limited (“Famatown”), a company indirectly controlled by trusts settled by Mr. John Fredriksen1 and a member of the Seatankers Group, which is the largest owner of shares of common stock, no par value (“Common Stock”) of International Seaways, Inc. (“International Seaways”) (NYSE:INSW) with ownership of approximately 16.6% of the outstanding Common Stock, has issued an open letter to its fellow shareholders of International Seaways.

Key Points: 
  • The full text of the open letter issued to International Seaways shareholders follows:
    A LETTER TO THE SHAREHOLDERS OF INTERNATIONAL SEAWAYS, INC. (INSW)
    Famatown Finance Limited (together with its affiliates, “Seatankers,” “our,” or “we”) has been a material shareholder of International Seaways, Inc. (“INSW” or the “Company”) since March 2022 and currently maintains a significant 16.63% equity stake in the Company.
  • Today, we are writing to our fellow shareholders because we are deeply concerned about INSW's lack of responsiveness and cooperation regarding initiatives that would unlock significant shareholder value.
  • This is contrary to INSW's public filing on May 11, 2022, stating that the company is "singularly focused on delivering value to our shareholders."
  • The poison pill effectively precludes Seatankers from having productive discussions with other INSW shareholders over the fear that our conversations with fellow potentially like-minded INSW shareholders will trigger the poison pill’s dilution provisions.

Famatown Finance Limited announces candidates for the Euronav supervisory board

Retrieved on: 
Friday, February 10, 2023
Cyprus Securities and Exchange Commission, London School of Economics, Cato, Emeritus, NYSE, GAM, Glass Age Development Committee, FTSE Global Equity Index Series, Hedley Byrne & Co Ltd v Heller & Partners Ltd, Arima, Citizenship, Euronav, LSE IDEAS, EGM, Exercise, Philosophy, THS, Security (finance), Euronext, Economics, Fund

LIMASSOL, Cyprus, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Famatown Finance Limited1 (“Famatown” or “the company”) announces that, with respect to the EGM of Euronav NV (NYSE: EURN, Euronext: EURN) planned for 23 March 2023, it intends to exercise its shareholder rights and propose as candidates for the Euronav supervisory board Mr. John Fredriksen and Mr. Cato H. Stonex.

Key Points: 
  • LIMASSOL, Cyprus, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Famatown Finance Limited1 (“Famatown” or “the company”) announces that, with respect to the EGM of Euronav NV (NYSE: EURN, Euronext: EURN) planned for 23 March 2023, it intends to exercise its shareholder rights and propose as candidates for the Euronav supervisory board Mr. John Fredriksen and Mr. Cato H. Stonex.
  • Famatown further fully reserves its rights as shareholder, including its rights to make further proposals for amendment of the EGM and to exercise its voting rights in its full discretion.
  • Mr. John Fredriksen (born 10th May 1944) is a Norwegian-born Cypriot businessman based in London.
  • 1 According to a Schedule 13D/A filed with the U.S. Securities and Exchange Commission on January 26, 2023, Famatown Finance Limited and entities related to it reported beneficial ownership of 50,426,478 ordinary shares of Euronav NV, representing 24.99% of its outstanding ordinary shares.

Presentation to the Management of International Seaways

Retrieved on: 
Friday, September 2, 2022
Phrase, Securities Exchange Act of 1934, NYSE, Securities Act of 1933, Common stock, INSW, Ownership, Letter, Board, Goal, GLOBE, Board of directors, Director, Transport, Forward-looking statement, Security (finance)

NEW YORK, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Famatown Finance Limited (Famatown), a company indirectly controlled by trusts settled by Mr. John Fredriksen1 and a member of the Seatankers Group, which is the largest owner of shares of common stock, no par value (Common Stock) of International Seaways, Inc. (International Seaways) (NYSE:INSW) with ownership of approximately 16.6% of the outstanding Common Stock, has today made a presentation to certain members of the management team of International Seaways, following up on its May 10, 2022 letter to the Board of Directors.

Key Points: 
  • NEW YORK, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Famatown Finance Limited (Famatown), a company indirectly controlled by trusts settled by Mr. John Fredriksen1 and a member of the Seatankers Group, which is the largest owner of shares of common stock, no par value (Common Stock) of International Seaways, Inc. (International Seaways) (NYSE:INSW) with ownership of approximately 16.6% of the outstanding Common Stock, has today made a presentation to certain members of the management team of International Seaways, following up on its May 10, 2022 letter to the Board of Directors.
  • Famatown has released the presentation alongside the following statement:
    The Seatankers Group continues to believe International Seaways has an attractive platform with valuable assets and is well positioned to capitalise on the global recovery of the product and crude oil transportation market.
  • As stated in our letter to the Board of Directors on May 10, 2022, the Seatankers Group continues to encourage International Seaways to add two new Directors to its Board of Directors who are familiar with the Seatankers Groups proven approach for value creation.
  • The Seatankers Group remains hopeful that we can continue to work collaboratively with the International Seaways Board of Directors to achieve this board representation and unlock shareholder value.

Letter to the Board of Directors of International Seaways

Retrieved on: 
Tuesday, May 10, 2022
Board, Board of directors, INSW, Communication, Investment, Forward-looking statement, GLOBE, Director, Securities Exchange Act of 1934, NYSE, Securities Act of 1933, Time, Common stock, Letter, International, Industry, Phrase, Goal, Ownership, Transport, OPEX, Management, Bank

The full text of the letter sent to the Board of Directors of International Seaways follows:

Key Points: 
  • The full text of the letter sent to the Board of Directors of International Seaways follows:
    The Seatankers Group holds significant interests within industries such as shipping and energy, oil services and diversified industrials.
  • To achieve this, the Seatankers Group urges International Seaways to add two new Directors to its Board of Directors chosen in consultation with the Seatankers Group.
  • The addition of two Seatankers Group Directors will add value to International Seaways, which includes but is not limited to:
    1.
  • The Seatankers Group urges International Seaways management team and Board of Directors to constructively collaborate with the Seatankers Group and support the election of two additional Directors.