its stake in BT Shipping Ltd. of Bermuda to 23.79 percent of the company's outstanding American depositary shares and is demanding two BT board seats.

Loki chairman Jorgen Lund said in the filing with the Securities and Exchange Commission that his company has taken the stake for investment purposes. In addition, he said his company is seeking to elect him and another Loki officer, Erik Jebsen, to the BT board of directors.

"In the event that such nominees are not elected to the board, (Loki) reserves the right to seek to effect a change in control of the company by seeking to effect a change in the composition of a majority of the membership of the board of the directors of the company,'' Lund wrote in the filing.

Loki purchased 249,500 shares at prices ranging from $3.03 to $3.38 a share between Nov. 27 and Nov. 28, according to a Schedule 13D SEC filing by the investor. American depositary shares are shares of foreign companies that trade on American exchanges, offering U.S. investors a more convenient way to invest internationally.