Shareholders of Bermudian-based Textainer Group Holdings Ltd are to meet next month to consider the company’s proposed sale to Stonepeak, the alternative investment firm specialising in infrastructure and real assets.

The special meeting is scheduled for February 22 at 1.30pm at Textainer’s registered office at Century House in Hamilton.

Shareholders entitled to vote consist of holders of Textainer’s common and preference shares, each as listed on the New York Stock Exchange, and common shares listed on the Johannesburg Stock Exchange.

Subject to shareholder approval at the special meeting and timely receipt of required regulatory approvals, Textainer said, it anticipates that the transaction will close in March.

Textainer announced in October that it was to be acquired by New York-headquartered Stonepeak for $7.4 billion.

Announcing the deal, the company said that upon completion of the transaction and the redemption of Textainer’s Series A and B cumulative redeemable perpetual preference shares, Textainer will become a privately held company.

Under the terms of the definitive agreement, which was approved unanimously by the Textainer board of directors, common shareholders will receive $50 per share in cash, with the total value of the common shares equalling approximately $2.1 billion.

Textainer said the transaction represents an enterprise value of approximately $7.4 billion.

The purchase price represents a premium of approximately 46 per cent over Textainer’s closing share price on the last full trading day prior to the transaction announcement.

After the completion of the transaction, Textainer said, it will continue to be headquartered in Hamilton.

Textainer is one of the world’s largest lessors of intermodal containers with more than four million 20-foot equivalent units in its owned and managed fleet.

DHT break-even level

DHT Holdings Inc, the Bermudian-based crude oil tanker company, has estimated that its profit and loss break-even level for the fleet on average for 2024 to be $27,500 per day, the threshold for net income, and for when dividends are paid.

The company said it has improved its estimated cash break-even levels for the fleet for 2024 to $18,600 per day for the fleet as a whole, and to $13,800 per day for the fleet trading in the spot market.

DHT said its cash break-even levels include all true cash costs: ordinary debt repayment, cash interest, operating expenses, general and administrative expenses, and maintenance capital expenditure.

The company said it is committed to paying 100 per cent of ordinary net income in quarterly cash dividends to shareholders.

It estimates discretionary cashflow after dividends to be about $76 million for 2024, cashflow that can be applied to investments in the fleet, or to general corporate purposes.

Svein Moxnes Harfjeld, president and CEO, said: “We have a constructive view of the market supported by growth in oil demand, expansion of transportation distances and very limited supply of new ships into a rapidly ageing global fleet.

“We always seek to reward our shareholders, operate with high governance standards and execute what we believe to be an appropriate strategy tailored to our market.

“The whole DHT team is focused on premium revenue generation, maintaining a competitive cost structure, a solid balance sheet and a clear capital allocation policy.”

Avance sells gas carrier

Avance Gas Holding Ltd, the Bermudian-based company engaged in the transportation of liquefied petroleum gas, has completed the sale of the 2008-built very large gas carrier Iris Glory at a cash consideration of $60 million less ordinary broker commission of 1 per cent.

The company said the vessel completed her two-year time charter with Indian Oil Corporation at the end of November, and then carried out a single spot voyage at a net time charter equivalent result of $3 million prior to delivery of the vessel to the new owners.

Avance said it will record a book gain on sale of approximately $21 million and net cash proceeds following repayment of the lease financing of approximately $26 million for the first quarter 2024.

The company said it expects to complete the sale of the last 2008-built VLGC, Venus Glory, in March after completion of her present spot voyage.