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Odfjell Konsern (OSL:ODF) Odfjell Chemical Tankers AS, a 100% owned subsidiary of Odfjell SE has today sold 1,679,500 A-shares at the price of NOK 50 and 2,322,482 B-shares at the price of NOK 40 to DnBNor Markets. The price reflects the average price for shares traded during the last week. After this sale the company owns no further shares in Odfjell SE.
After this sale the number of outstanding shares in Odfjell SE is 86,768,948.
Furthermore Odfjell SE has entered into a Total Return Swap (TRS) with DnBNor Markets for all the sold shares. Agreed initial cost price of NOK 50 for the A-shares and NOK 40 for the B-shares, with expiry on 8 May 2009. In addition to the above, Odfjell SE holds a TRS with DnBNor Markets of 819,500 A-shares due 2 March 2009. - The sale of the shares will cause an immediate strengthening of Odfjell's equity with about NOK 177 million (USD 27 million). The TRS will ensure that we at the same time will take part in the development of the share-price of the stock, says Terje Storeng, President/CEO of Odfjell SE.
