Fairstar Heavy Transport N.V. (OSE: FAIR) was supposed to hold its Annual General Meeting today. The Supervisory Board Chairman Frits van Riet read a statement on the premises stating that the company has reasonable grounds to believe that Dockwise White Marlin B.V., a subsidiary of Dockwise Ltd (OSE: DOCK) and their partners claiming 54% block of Fairstar shares are acting in unison and that there has not been full disclosure to the The Authority for the Financial Markets (Autoriteit Financiële Markten) in The Netherlands regarding these agreements.
The directors appear to be suspecting a single shareholder planning to vote according to Dockwise’s directions. Fairstar claims it has been advised that the undisclosed agreements are not in compliance with Dutch Law. This is why it says that any AGM decisions taken under these circumstances may be voidable and it is in the best interest of the stakeholders to suspend the meeting until further notice as the Supervisory Board investigates the matter.
If it turns out that Dockwise is gaining a majority in Fairstar, even if it is unsuccessful in a complete takeover, it would have a major effect for Fairstar over the longer term since the two firms compete against each other. Fairstar is trading close to 10 NOK, considerably above Dockwise bid price of 9.3 NOK.
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