reports
Avance Gas Holding Ltd: Change in Director Appointment
Avance Gas Holding Ltd: Change in Director Appointment Avance Gas Holding Ltd (“Avance Gas” or the "Company") announces that the Board of Directors has resolved to appoint James Ayers and Jonathan Burnett as Directors of the Company and accept the resignations of Øystein Kalleklev, Will Homan-Russell, François Sunier and Kathrine Fredriksen, all with immediate effect (“Directorship Changes”). James Ayers and Jonathan Burnett are currently CEO and CFO respectively of Front Ocean Management Ltd., a shared-service organization located in Bermuda, which provides various corporate and directors...
- Oscar Haffen Lamm
Vicore Pharma: KOL & Mgmt Takeaways, buloxibutid's IPF positioning upd...
Yesterday, we attended a lunch organized by Vicore’s management with Dr. Francesco Bonella, an IPF specialist based in Germany who has advised companies such as Boehringer Ingelheim, Roche, Galapagos, and BMS in the development of compounds for rare lung diseases. Dr. Bonella is also an investigato
- Oscar Haffen Lamm
Vicore Pharma: Phase 2b ASPIRE trial making good progress
Vicore Pharma reported its Q1'25 results which mainly focused on balance sheet items and a recap of corporate achievements for the quarter, with notably i) a cash position at SEK1,049m, and ii) opex stable at SEK91.5m (vs SEK99.3m). We are encouraged to see the good progress in the phase 2b ASPIRE
- ABGSC Healthcare Research
- Alexander Krämer
- Jørgen Lian
Avance Gas (No_rec, TP: NOK) - Discontinuing coverage
We have discontinued coverage of Avance Gas, as it no longer has any assets, and does not plan to make any new investments. According to the company, remaining funds after its final USD0.74 DPS, to be paid on 7 May (ex-date 24 April), are expected to be used to settle any outstanding obligations to creditors, including liquidation fees, and the stock is expected to be delisted in June/July 2025. Our last published recommendation, target price and estimates should no longer be relied upon.
Avance Gas Holding Ltd: First Quarter 2025 Earnings Release
Avance Gas Holding Ltd: First Quarter 2025 Earnings Release HIGHLIGHTS Net profit of $42.6 million and earnings per share of $0.56 for the first quarter 2025, compared to net income of $210.2 million and earnings per share of $2.74 for the fourth quarter 2024. On February 28, 2025, the sale of the four Mid-Sized Gas Carriers (“MGCs”) newbuilding contracts to subsidiaries of Exmar LPG B.V. (“Exmar”) was successfully completed. Avance Gas received reimbursement of $62.1 million of yard instalments paid by Avance Gas to the yard. The Company recorded a gain on sale of $34.2 million in relatio...
Avance Gas Holding Ltd (OSE: AGAS) (“AGAS” or the “Company”) – Notice ...
Avance Gas Holding Ltd (OSE: AGAS) (“AGAS” or the “Company”) – Notice of Special General Meeting Reference is made to the press releases issued by the Company on 27 November 2024, in connection with Third Quarter 2024 Earnings, and on 6 December 2024, which stated the intention to wind-up AGAS. In preparation for this, the Company advises that a special general meeting of the Company will be held on 16 May 2025 (the “SGM”) for its shareholders to consider and approve the liquidation of the Company and the delisting of the Company’s common shares from the Oslo Stock Exchange. A copy of the...
Avance Gas Holding Ltd: Ex Dividend USD 0.74 today - final distributio...
Avance Gas Holding Ltd: Ex Dividend USD 0.74 today - final distribution Hamilton, Bermuda, April 24, 2025 The shares in Avance Gas Holding Ltd (ticker: "AGAS") will be traded ex-dividend USD 0.74 per share as of today relating to the final extraordinary distribution announced on April 16, 2025. The dividend will be paid on May 7, 2025. For further information, please contact: Randi Navdal Bekkelund, CFO Email: Tel: This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
- Jørgen Lian
Another abrupt change
The US Trade Representative on 17 April published revised US port fees with significant changes to the initial proposal based on industry feedback. In its current form, the fees will primarily discourage use of Chinese-controlled maritime trade services to the US, and directly affect the use of Chinese-built vessels in US ports (with several considerable exemptions to avoid harm to US trade). The previous broader fees based on fleet composition and share of Chinese-built vessels has been scrappe...
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
Avance Gas Holding Ltd: Key information relating to the final extraord...
Avance Gas Holding Ltd: Key information relating to the final extraordinary distribution of USD 0.74 per share Hamilton, Bermuda, April 16, 2025 Reference is made to the announcement on April 16, 2025, of final extraordinary distribution of $0.74 per share:Return of capital: $0.16 Dividend: $0.58Declared currency: USDLast day including right: April 23, 2025Ex-date: April 24, 2025Record date: April 25, 2025Payment date: May 7, 2025Date of Approval: April 15, 2025 This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Avance Gas Holding Ltd: Final extraordinary distribution of USD 0.74 p...
Avance Gas Holding Ltd: Final extraordinary distribution of USD 0.74 per share Hamilton, Bermuda. April 16, 2025 This refers to the Fourth Quarter 2024 Earnings Release announced on February 12, 2025. In that release, the Company stated that it would distribute a final dividend of approximately $0.70 per share upon receiving the remaining $34.2 million from Exmar in connection with the sale of the four Mid-Sized Gas Carriers (MGCs). We are pleased to announce that the final settlement with Exmar has been received. As a result, the Company will proceed with a final extraordinary distributio...
Avance Gas Holding Ltd: Annual Report 2024
Avance Gas Holding Ltd: Annual Report 2024 Hamilton, Bermuda March 27, 2025 Avance Gas Holding Ltd ("AGAS" or the "Company") today publishes its Annual Report for the financial year 2024. The report is attached in pdf and European Singel Electronic Format (ESEF) in accordance with ESEF regulations. A copy of the report is attached hereto and available on the Company's website at For further information, please contact: Randi Navdal Bekkelund, CFO, Tel: This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act Attachm...
- Jørgen Lian
Avance Gas Minor model adjustments
We have updated our target price due to the stock trading ex-rights (as of 5 March) for the USD0.75 DPS announced following the closing of the sale of its MGC fleet to the Exmar LPG BV subsidiaries on 28 February. According to the company, it is set to receive a final milestone payment of USD34.2m from Exmar once the steel cutting of the fourth and final MGC is completed (expected in April), and will distribute the remaining cash to its shareholders prior to liquidation. We do not consider these...
- Jørgen Lian
‘The times they are a-changin’
The recurring theme at our 18th Energy & Shipping Conference was geopolitical uncertainty and a potential trade war, warranting a wait-and-see approach, particularly on the Trump 2.0 effect. The consensus view pointed to high asset values, with no rush to the yards, aligning with below-NAV valuations across most of our coverage. However, panellists generally saw less downside risk than the 25% average discount to steel for our Tanker, Dry Bulk and Gas coverage. Overall, the day highlighted uncer...
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
Avance Gas Holding Ltd: Ex Dividend USD 0.75 today
Avance Gas Holding Ltd: Ex Dividend USD 0.75 today Hamilton, Bermuda. March 5, 2025 The shares in Avance Gas Holding Ltd (ticker: "AGAS") will be traded ex-dividend USD 0.75 per share as of today relating to the extraordinary dividend announced on February 28, 2025. The dividend will be paid on March 14, 2025. For further information, please contact: Randi Navdal Bekkelund, CFO Email: Tel: This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
- Patrik Ling
Vicore Pharma (Buy, TP: SEK38.00) - Focus on ASPIRE recruitment
The Q4 report was a non-event in our opinion, and we expect the market to focus on the recruitment pace for the ongoing phase IIb ASPIRE trial in IPF. The trial started recruiting in H2 2024 and c32 of a total 92 clinics are now actively recruiting patients. We expect the trial recruitment to be completed in early 2026 and data read-out in H1 2027 (52 weeks of treatment). We reiterate our BUY and SEK38 target price.
Avance Gas Holding Ltd: Key information relating to extraordinary divi...
Avance Gas Holding Ltd: Key information relating to extraordinary dividend of $0.75 per share Hamilton, Bermuda. February 28, 2025Key information relating to the extraordinary dividend:Dividend: $0.75Declared currency: USDLast day including right: March 4, 2025Ex-date: March 5, 2025Record date: March 6, 2025Payment date: March 14, 2025Date of Approval: February 28, 2025For further queries, please contact:Randi Navdal Bekkelund, CFO Email: Tel: This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
Avance Gas Holding Ltd: Closing of the sale of the MGC fleet and extra...
Avance Gas Holding Ltd: Closing of the sale of the MGC fleet and extraordinary dividend of $0.75 per share Hamilton, Bermuda. February 28, 2025 Avance Gas Holding Ltd ("Avance Gas" or "Company") (OSE: AGAS) today announce closing of the sale of the Medium Sized Gas Carrier (“MGC”) fleet to subsidiaries of Exmar LPG B.V. (“Exmar”) for a consideration of $282.4 million. As communicated in connection with the fourth quarter results on February 12, 2025, the remaining subject for the transaction was issuance of new refund guarantees by the yard to Exmar which concurrently triggered a release ...
- ABGSC Healthcare Research
- Alexander Krämer
- Oscar Haffen Lamm
Vicore Pharma: Phase 2b enrolment and dosing underway
Vicore Pharma reported its Q4'24 result with i) a cash position at SEK1,156m, and ii) Opex at SEK99.3m (vs SEK61.3 at Q3), reflecting the start of the phase 2b trial in IPF. Moving into 2025, the main priority will be to continue to enrol and dose patients in the phase 2b ASPIRE trial evaluating bu
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