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Erria considers stock exchange exit

It hasn't been an easy journey, said Erria A/S Chairman Kaare Vagner at the company's General Assembly on Wednesday, speaking on the drama surrounding the now former shipping company.

Photo: Erria

The Erria board considers suggesting to the shareholders that they let the company delist from the Copenhagen Stock Exchange. Erria's stocks are being traded modestly, the trading requires resources, and according to Chairman Kaare Vagner, it's costing the former shipping company and current ship management and consulting company as much as USD 262,500 a year.

"We currently have around 700 shareholders. Following the December 2011 capital expansion, the major shareholders own 80.5 percent, while the other shareholders make up the remaining 19.5 percent. The board fully understands that the market determines the rates, but the limited trading of the shares means that we experience again and again that the same individuals, with no noteworthy gains and at a low price, are trading the rate up and down, and we just don't see the point, as trades that small don't always cover the related costs. The board will therefore investigate the possibilities of delisting Erria A/S in the near future at the smallest expense possible," said Kaare Vagner, Chairman and major shareholder in the company, with 16 percent, in the Board of Directors' report at the company's General Assembly on Wednesday at the headquarters in Amager, Copenhagen.

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