Yesterday, Tankerska Next Generation (‘TPNG’) announced cessation of trading of its shares on the ZSE until the end of the trading day, due to intention of its majority shareholder – Tankerska Plovidba – to announce voluntary takeover bid.

Over the last couple of weeks, Tankerska Plovidba acquired an increasing stake in Tankerska Next Generation (TPNG) through a series of trades and blocks. The latest block trade, conducted on 27 September 2022, meant that Tankerska Plovidba acquired HRK 70.15m (EUR 9.3m) of TPNG shares, for the average price of HRK 78 per share.

Following this latest block trade, Tankerska Plovidba acquired 91.41% of TPNG’s share capital, and yesterday, on 29 September 2022, Tankerska Next Generation shares stopped trading on the exchange, as the intention to make voluntary takeover bid was announced by Tankerska Plovidba, the majority shareholder.

Before the shares stopped trading, the share traded at HRK 75/share, and given that the latest block trade was done with HRK 78/share, it isn’t hard to estimate that the remaining 8.59% of the shareholders that hold TPNG stock will be offered a bid in this price in the voluntary takeover bid.

It should also be noted that the law states that when 95% of the share capital of a Company is in single ownership, a squeeze out of the remaining shareholders can be performed.

Looking back at TPNG’s history on the exchange, the Company was listed on ZSE in February 2015. The listing was done in a capital increase process through an Initial Public Offering, where the share price range was set between HRK 64 – HRK 77 per share (as per prospectus). The transaction was realized at HRK 65 per share and in total HRK 208m was collected from new shareholders and company ended the IPO with share capital of HRK 463m. The collected funds were invested in expanding the fleet with two modern product tankers, and the total number of ships in TNG’s fleet increased to 5 ships. The Company paid out dividends during the 2016 – 2018 period, which details you can find here. According to the latest information (H1 2022), the Company posted revenue of HRK 164.7m, representing a 42% increase YoY, an EBITDA of HRK 60.78m, which is an increase of 106% YoY, and a net income of HRK 4.64m (H1 2020: HRK -5.03m). If you would like to read more about the Company’s latest results, click here.

TPNG share price [2015 – 2022]