September 1, 2008
Brian Chang's Yantai-Raffles stock sale take slashed
Yantai-Raffles Shipyard (OSLO OTC:YRSL) Chairman Brian Chang will get $239 million less than originally announced March 13 for his sale of 81.8 million YRSL shares, representing approximately 29.9% of YRSL's issued share capital to China International Marine Containers (Group) Ltd. ("CIMC") at a price of $6.92 per share (for a total consideration of approximately $566 million).
Now the company says that, on August 27, 2008, Mr. Chang, and CIMC agreed to revise their original agreement. Now Mr. Chang will sell the shares to CIMC at a price of $4.00 per share (for a total consideration of approximately $327 million).
The sale is expected to complete in October 2008. Mr Chang will retain a total interest (direct and indirect) in YRSL of approximately 39.5 million shares representing approximately 14.4% of the issued share capital.
The company says that Mr. Chang, who remains fully involved in YRSL, will continue to lead the company at least until 2012.