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Eitzen pushes shareholders to agree Bermuda move

Eitzen pushes shareholders to agree Bermuda move
Eitzen Chemical today issued a letter to its shareholders recommending that they accept an exchange offer that will see the company move to Bermuda.

Eitzen established Team Tankers International (TTI) with the intention of moving its operations to Bermuda as, according to the letter from the board, "it is important for the group to operate under favourable, stable and predictable legislative and regulatory conditions."

TTI has proposed an exchange of three Eitzen shares for one share in TTI to satisfy the minimum stock price of NOK10 per share for its listing on the Oslo Børs exchange.

Jason Shipping and lenders involved in the company's debt conversion have agreed irrevocably to the deal, accounting for 98.7% of the shareholders. For the exchange offer to succeed, the company needs to gain the approval of 99.5% of its shareholders by the 28 February deadline.

Eitzen undertook a significant restructuring in December as its losses continued to mount last year. TTI plans an IPO of NOK3m ($395,533) on the Oslo stock exchange as part of the deal.