ff_relativeren schreef op 12 juli 2019 22:24:
Fugro boekte tot en met afgelopen kwartaal nog een verlies.
Dus Nee, Fugro heeft geen budgetruimte.
Over Global Marine, daar zitten boobytraps in.
1. Global Marine staat al te koop sinds vorig jaar, zonder enige bieder : renews.biz/48655/global-marine-up-for...
2. Fugro kan niet zomaar haar eigen aandelen in Global Marine verkopen : www.sec.gov/Archives/edgar/data/10068...
Het probleem zit in het Tag-Along Proces.
Als de aandelen-overnemer niet een bod wil doen op alle aandelen Global Marine, dan hebben de overige groot-aandeelhouders (boven de 4%) het recht om de deelverkoop te blokkeren :
"(C) In the event that the Proposed Tag Purchasers are unwilling or unable to acquire all Class A Units and Class A-2 Units proposed to be included in the Tag Transfer upon such terms, the Transferring Member(s) shall have the option to either (1) cancel such Tag Transfer (in which case all Class A Units and Class A-2 Units shall remain subject to all of the restrictions of this Agreement, including the provisions of this Section 11.4), or (2) allocate the total number of Class A Units and Class A-2 Units that the Proposed Tag Purchasers are willing to purchase among the Transferring Member(s) and the Tagging Members on a pro rata basis in proportion to the Class A Units and Class A-2 Units proposed to be sold in such Tag Transfer."
De overige groot-aandeelhouders hebben het recht op 1e koop. Fugro moet de aandelen eerst aan hen aanbieden :
"(a) The Fugro Member shall first deliver to each Class A Member (the “Offerees”) a written notice (the “Offer Notice”) that sets forth the number of its Class A-2 Units represented by the Subject Interest, the amount that the Fugro Member proposes to be paid for the Subject Interest (the “Sale Price”), the manner of payment and the material terms of such sale. The Offer Notice shall constitute an irrevocable offer by the Fugro Member to sell to the Offerees the Subject Interest for cash at the Sale Price on the terms set forth in the Offer Notice. Each of the Offerees shall have until the 20th Business Day following the delivery of the Offer Notice (the “Offer Period”) in which to notify the Fugro Member that it accepts such offer as to all or any portion of the Subject Interest offered to such Offeree for the Sale Price (or the applicable portion thereof based on the portion of the Subject Interest such Offeree elects to purchase) and on the payment terms set forth in the Offer Notice, which notice shall specify the maximum portion of the Subject Interest it wishes to purchase.
(b) If more than one Offeree elects to purchase all or any portion of the Subject Interest prior to the expiration of the Offer Period and such Offerees in the aggregate elect to purchase an amount that exceeds the Subject Interest, the Subject Interest shall be allocated among such Offerees pro rata according to their respective Class A Percentage Interests up to the maximum portion of the Subject Interest specified by each such Offeree in its notice until the entire Subject Interest shall have been so allocated or each Offeree shall have been allocated the maximum portion of the Subject Interest specified by each such Offeree in its notice.
(c) If one or more Offerees accept such offer with respect to all but not less than all of the Subject Interest, a closing of the purchase of such Subject Interest shall take place at the principal office of the Company at 10:00 a.m. on the 15th Business Day after the date on which the Offer Notice was delivered unless the parties agree on a different place or time. The Sale Price shall be payable in accordance with the payment terms of the Offer Notice. The definitive agreements providing for the purchase of the Subject Interest by the Offerees shall include customary representations and warranties by the Fugro Member regarding its valid title to and ownership of the Subject Interest, free and clear of all liens, claims and encumbrances (excluding those arising under securities laws and this Agreement) and its authority, power and right to enter into and consummate the purchase of the Subject Interest."
En ook dan zijn er nog obstakels. Fugro krijgt slechts 120 dagen om de verkoop te laten slagen, en mag niet meer dan 3 pogingen daarvoor ondernemen :
"(d) If the Offerees do not elect to purchase all but not less than all of the Subject Interest for the Sale Price prior to expiration of the Offer Period, the Fugro Member shall have the right, subject to the other provisions of this Article XI, to sell the Subject Interest for a period of 120 calendar days (the “Sale Period”) at a price per share no less than the Sale Price and on other terms no more favorable to the Transferees thereof than offered to the Offerees in the Offer Notice;
provided, however, that the Fugro Member shall not be permitted to sell the Subject Interest to a Prohibited Transferee
(a)provided, however, that the Fugro Member shall only be permitted to initiate a Fugro Sale Process three (3) times;
Nog een drempel in het verkopen van Global Marine aandelen :
Fugro moet tenminste 50% van haar aandelen vasthouden, en moet daarna nog eens 12 maanden wachten voordat het de rest van de aandelen kan verkopen :
"provided, further, that the Fugro Member shall only be permitted to initiate a Fugro Sale Process for so long as the Fugro Member and its Affiliates continue to hold, in the aggregate, at least 50% of the number of Class A-2 Units acquired by the Fugro Member as of the Fugro Acquisition Date; and provided, further, that, in the event that a Fugro Sale Process does not result in the consummation of a Fugro Member Sale or a Drag Sale, the Fugro Member shall be prohibited from initiating a subsequent Fugro Sale Process until the date which is twelve (12) months from the termination of such prior Fugro Sale Process.
Fugro mag zelfs niet eens eigenhandig de verkoopwaarde bepalen van de aandelen Global Marine :
"In the event that the Fugro Member initiates a Fugro Sale Process, the HC2 Member and the Fugro Member shall each, at its own cost and expense, select and appoint a qualified investment banking firm (which firm shall be reasonably acceptable to the other Member). Each such investment banking firm shall determine the Fair Market Value of the Company as of such date
Het is dus wachten tot heel de firma Global Marine een bieder krijgt.
En die is er sinds het te koop stellen vorig jaar nog niet geweest.