Vision First, Then Work Backwards: Carefully Considering Equity Issues

While Investment Banker Hamish Norton enumerated the disadvantages of raising capital through the US equity markets at the sixth annual Ship Finance conference in New York June 22-23, shipowner J. Erik Hvide, on the cusp of an initial public offering (IPO) himself, listened attentively. Afterwards he told Marine Money that the only disadvantage the Lazard Freres & Co. LLC Managing Director listed which now caused concern was the litigious nature of shareholders – number seven on the banker’s list.

The other disadvantages have been weighed and satisfactorily addressed by the company, Hvide said.

The company, Florida-based Hvide Marine Inc., is a tanker, tug, barge and offshore services operator, with plans to go public sometime before the end of the year with a $60-$100 million issue. Probably Hvide, who is chairman and CEO, was undaunted by the prohibitions because the offering is part of an overall growth strategy first articulated in 1993, which has already been borne out by many, many acquisitions. These have included Popich Brothers Water Transport, Global Offshore Marine Inc., Tribe Fleet, Inc., Aleutian Command Partnership and Sun State Maritime, Inc.

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