Stocks that Float: TANKERS & DRY BULK SHIPPERS

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GDOCF.PK (NOK 32.20 = USD 6.25) ALERT!

FYI: Rumours circulating on base of a Financial Times article that claims that John Fredriksen "is preparing a bid" for Golden Ocean!! Extract from the article from April 29:

"Norway's Golden Ocean rose 0.8 per cent to NKr31.9 on talk that Norwegian shipping magnate John Fredriksen was preparing a bid for the shipping firm.

Shares in Germany's Tui rose 2.6 per cent to €18.78 after news that Vladimir Yakushev, managing partner of shareholder Alexei Mordashov's S-Group Capital Management, would replace Franz Vranitzky on its supervisory board. Mr Fredriksen has an 11.8 per cent stake in Tui but has been rumoured to want to sell."


Most of the commentators suspect that there is an error in the article, and a bid for German TUI and Golden Ocean are mixed.

But more stuff to the rumour mill:

Dated 28.04.2008 www.oceanconnect.com

"According to Lloyd's List today...Bently investments, a vehicle for Greece's Restis and Kollakis families is expected to make a full scale bid for Golden Ocean this week. Bently improved its proposal to provide Golden Ocean with interim cash raising the amount from $5.1m to $7.5m over the next four months. This offer has been sufficient to saw creditors into granting two weeks of access to the company's numbers and delaying the next crucial hearing in the Delaware courts until May 1st. Let us not forget Mr. Fredriksen is still sitting on the sidelines having already in his control as much as 26% of Golden Ocean's original $296m bond issue and strengthening his position in recent weeks by gaining the first right of refusal over paper held by another two bondholders...."


This news should be old news - dating from 1999-2000, when Restis/Kollakis families and Frontline were fighting for owning Golden Ocean.

The dates of these "news" have spurred the confusion - is something really going on or only confused columnists? Neither Golden Ocean or John Fredriksen have commented on these articles. Must see and wait.

IF - and I say big IF - John Fredriksen (owns near 30% of the company shares) is going to sell Golden Ocean, rest assured that the price will be good.