25 May 2012

Baltic Oil in £6.3m Danish takeover

22/11/2011 Robert Tyerman

Oil transhipment concern Baltic Oil Terminals (BTC) is buying Danish counterpart Haahr Tank-Lager for $9 million (£6.3 million) cash.

Headquarted in London and originally focused on the port of Kaliningrad, Russia's enclave on the Baltic Sea, the acquisitive company, whose shares have been suspended from AIM since June pending publication of the annual accounts, has agreed to issue $11million loan notes through its Dan-Balt Terminals subsidiary to cover the cost of the deal.

Steered by chief executive Simon Escott, Baltic, which added Rotterdam to its field of operations in December with the £6.9 million purchase of Petroval Bunker International, will by this deal bring in the Danish port of Aabernraa, where Haahr Tank operates a 160,000 cubic-metre refined oils terminal. The port is roughly half way between Kaliningrad and Rotterdam's Europort and has two berths, capable of hosting larger oil tankers than Kalinigrad can accomodate.

Escott claims the deal 'provides tremendous opportunities for our customers and ourselves' and argues applying Baltic's business model should stimulate 'a substantial increase in throughput at the terminal and therefore increased cash flow and profitability'. Highlighted by Growth Company Investor in April at 23.5p Baltic's shares were later suspended at 24.75p awaiting recovery of documentation for its annual accounts, which a spokesmen say should be ready 'soon'.

Tags: AIM market, Haahr Tank-Lager, Oil tankers, Rotterdam, Simon Escott, Suspension

Sector: Industrial Transportation

Companies: Baltic Oil Terminals

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