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In March 2007, the controlling shareholder of Crowley Maritime offered $2,990 per share to buy out public investors, a price equal to 258% of the last traded price of shares when the Forum started in April 2004.

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Reuters
Australia's Adsteam to sell Alaskan fuel business
Thursday July 22, 10:03 pm ET
 

SYDNEY, July 23 (Reuters) - Adsteam Marine Ltd. (Australia:ADZ.AX) said on Friday its 55 percent-owned Northland Fuel has signed an agreement to sell its Alaskan fuel distribution business, the final step in the Australia firm's plan to sell non-core assets.

Adsteam, which has been restructuring to reduce costs and focus on shipping services, said proceeds from the sale of the fuel business to Crowley Marine Services and the remaining Northland real estate assets up for sale would be worth around their balance sheet value of A$56 million ($40 million).

The funds would be used to reduce debt. "This is the final step in our plan to divest non-core businesses, announced in May 2003 as part of the company's business transformation program," Adsteam said.

"The business transformation program is delivering a fit business so we can focus on where future ship assist opportunities might arise."

Crowley Marine is a subsidiary of Oakland, California-based Crowley Maritime Corp. (Other OTC:CWLM). The sale is conditional on a U.S. federal antitrust review period and on court approval.

Shares in Adsteam were up 2 percent at A$1.50 by 11:33 a.m. (0134 GMT). The stock has underperformed the benchmark S&P/ASX 200 Index (Australia:AXJO) by about 14 percent this calendar year. ($1=A$1.39)

 

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