Avance Gas Withdraws Bid for Aurora LPG

first_imgzoom The offer period of Avance Gas Holding’s USD 200 million takeover bid to acquire all the issued and outstanding shares in Aurora LPG Holding ASA (Aurora LPG) expired on 16 December 2015 at 16:30 hours (CET).Following the expiry of the offer period, Oslo-listed Avance Gas noted in a stock exchange filing that not all of the conditions for completion of the offer have been met. As a result, Avance Gas said that it has resolved to withdraw the offer.Immediately after the offer was proposed on November 16th, Aurora LPG voiced its disapproval saying that the offer is not in line with their value and proposing its board to refuse the bid.The company offered 0.574 new shares as consideration for each share in Aurora LPG, which based on the NOK 104.5 closing share price of Avance Gas as quoted on the Oslo Stock Exchange on November 13, implied a consideration of NOK 60.0 per share in Aurora.Earlier this week, Aurora LPG’s Chairman, Leiv Askvig said the company intends to intensify its efforts to crystallize underlying values, including through sale of vessels or even the company’s liquidation to avoid Avance Gas Holding’s bid.On the other hand, Singapore’s owner and operator of very large gas carriers BW LPG Limited has continued its purchase of shares in Aurora LPG.Specifically, after close of markets on 14 December 2015, BW LPG acquired a further 852,800 shares in Aurora LPG, representing 2.87% of the outstanding shares in the company.As a result of the transaction, BW LPG now holds a total of 4.4 million shares in Aurora LPG, representing 15% of the outstanding shares in the company.Aurora LPG owns three 82,000 cbm VLGCs and six 84,000 cbm newbuilds scheduled for delivery from Korean shipbuilder Hyundai Heavy Industries in 2016.World Maritime News Stafflast_img read more

Weekly Traffic Advisories

first_imgCONTINUING WORK INVERNESS COUNTY: Crowdis Bridge Crowdis Bridge is closed until further notice for repairs. A detour is available via Crowdis Cross, West Big Intervale, and Hatchery roads. DIGBY COUNTY: Salmon River Bridge The Salmon River Bridge, on Trunk 1, in Salmon River, is reduced to one lane for repairs until further notice. The bridge has an 18 tonne weight restriction. Vehicles over 18 tonnes must use the detour route on Salmon River Road, Exit 32, Highway 101 to Exit 31. YARMOUTH COUNTY: Gavel Bridge Gavel Bridge on Gavel Road over Gavels Lake is closed for replacement until the end of January. Use an alternate route. -30- LUNENBURG COUNTY: Martins Brook Bridge Martins Brook Bridge, Trunk 3, approximately 900 metres north of Hermans Island Road, is closed for bridge replacement until Friday, Feb 19. Detour on Trunk 3 to Fauxburg Road, Northwest Road, Schnares Crossing Road back to Trunk 3. INVERNESS COUNTY: West Lake Ainslie Road The Hayes River Bridge on West Lake Ainslie Road has a 15 tonne weight restriction. VICTORIA COUNTY: Gillis Bridge Gillis Bridge, on North Branch Road, just past Uisge Bàn (USH-KA BAN) Falls Provincial Park, is closed until further notice. Access to the park is not affected.last_img read more

UN allocates 13 million from emergency fund to support people in northeastern

“People have experienced unspeakable suffering due to the violence perpetrated by Boko Haram. We now have better access finally, and a chance to help them,” said the Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator, Stephen O’Brien, in a news release issued by the UN Office for the Coordination of Humanitarian Affairs (OCHA).“The international community must take advantage of this opening to reach people with essential services and build on the CERF allocation to scale up the response,” Mr. O’Brien added.The destruction of crops and looting of livestock have left many people unable to support their families, according to OCHA, which also flagged that more than 50,000 people need seeds and tools for the upcoming planting season and CERF funding will help them to rebuild their livelihoods.The humanitarian agency also noted that a significant number of women, girls, men and boys have suffered or witnessed terrible abuses, and the CERF funds will enable humanitarian partners to provide critical psychosocial support and protection services.CERF funds will be used to provide food, cash for food purchase, nutritional supplements, protection and health services to the most vulnerable people in the newly accessible areas. Disbursements will be made through the Food and Agriculture Organization (FAO), the UN Department for Safety and Security (UNDSS), the UN Population Fund (UNFPA), the UN Humanitarian Air Service (UNHAS), the Office of the UN Higher Commissioner for Refugees (UNHCR), the UN Children’s Fund (UNICEF) and the World Food Programme (WFP). “The humanitarian crisis in north-east Nigeria is massive and alarming: 15 million people are affected by the violence instigated by Boko Haram, including seven million people who need urgent humanitarian assistance,” the acting UN Humanitarian Coordinator for Nigeria, Munir Safieldin, said in the OCHA news release. “Unless we scale up now, seven to eight children will die of severe acute malnutrition every hour; 184 children will die every day. We need resources now to scale up our current response.”According to OCHA, the Humanitarian Response Plan for Nigeria was revised upwards by $51 million in June and is now calling for $279 million. To date, it is only 22 per cent funded.Since 2015, CERF has supported life-saving assistance in response to Boko Haram-related violence with more than $58 million. OCHA said that this new injection of funds brings the total CERF support to more than $70 million. In March 2015, approximately $27 million was allocated to assist greater than 1.6 million internally displaced people, refugees, returnees and host communities in Cameroon, Chad, Niger and Nigeria. An additional $31 million was provided in early 2016 to help 700,000 people in the Lake Chad Basin. As of mid-year 2016, donors have contributed $248 million to CERF, which, in turn, has allocated nearly that same amount to humanitarian partners – in response to their high demand. In its news release, OCHA noted that new contributions are urgently needed.CERF is a pooled fund in which donors preposition funds so that money is available immediately to kick-start relief operations in new emergencies and to provide live-saving assistance in crises that are underfunded. read more