Ugland wins fight for shipping group
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Your support makes all the difference.NORWAY'S Ugland Group won its battle for control of Bristol Channel Shipping yesterday after four executives resigned, writes Russell Hotten.
Shares in BCS were suspended at 8p pending an announcement that Andreas O Ugland would become chairman and reorganise the company via an acquisition and a rights issue.
Mr Ugland is chairman of the private Norwegian company, which owns 24 per cent of the loss-making BCS, and threatened legal action in his bid to take over.
Christopher Bailey said he would be stepping down as chairman of BCS. In addition, Tom Bishop and Robert Scammell will be resigning as directors, and Jim Gorvin will be retiring as company secretary.
BCS is now expected to buy a fleet of six general cargo vessels, three reefers, a large long- haul car carrier and a ship management business from Ugland Group. BCS said: 'The company expects to fund the purchase, which will probably be in the order of pounds 15m to pounds 20m, by means of a substantial rights issue.' The enlarged group would be relisted 'at an early stage'.
In March a bid by Ugland to seize control at an extraordinary meeting was backed by shareholders but failed when Mr Bailey appointed five new directors.
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