Teekay owners ready to cash in

PUBLISHED : Wednesday, 03 June, 1998, 12:00am
UPDATED : Wednesday, 03 June, 1998, 12:00am

The owners of Teekay Shipping hope to cash in on the Aframax leader's latest public offering, according to a SeaTrade Web report.

At the US$29.375-per-share hypothetical price used to calculate registration fees, up to $236 million would be raised, of which only $74.6 million would be net to the company, it said.

Most of the rest would go to the Cirrus and JTK Trusts, which hold the majority of the shares. The trusts are associated with the family and close colleagues of Teekay founder the late Jens Torben Karlshoej.