FALKLAND ISLANDS GOVERNMENT
PRESS RELEASE
After almost twenty years as exclusive bunkering contractor for Falklands-based Stanley Services Ltd, Athens-based reefer-operator Lavinia Corporation has been admitted to a 25.1% share in the company. It joins the original shareholders, the Falkland Islands Government (FIG) and S & J D Robertson Group, as part of a complex new arrangement negotiated over many months and which were concluded on March 30th 2005. A new 10 year fuel licence has been granted to SSL.
FIG has received payment of £1.26m for part of its shareholding thus beginning to fulfil a long held publicly stated ambition to disengage from part ownership of SSL. FIG’s remaining shares, which amount to 44.9% ownership of SSL, are to be transferred to a holding company which will be formed for the purpose and shares in the holding company (and therefore SSL) are to be exclusively offered for sale to Falkland Islanders. Work on this process will begin shortly.
Stanley Services (SSL) is the exclusive supplier of all petroleum products within the Falkland Islands and their territorial waters. Hitherto this exclusivity has been sub-contracted to Lavinia as regards bunkering. As part of the new arrangement, this role will be performed by a new Falklands based company, Stanley Bunkering Ltd, which is a joint venture between Lavinia and SSL with the latter building to a maximum holding of 35% over a number of years.
Chief Executive of the Falkland Islands Government, Mr Chris Simpkins, said “FIG is pleased to welcome the Lavinia Corporation as a shareholder in SSL thus cementing mutually beneficial business arrangements that have existed for many years. Stanley Services has been a Falklands success story since its formation in 1987. It will now enter a new and important phase in its development with a much greater involvement than hitherto in bunkering which is so important to the key Falklands fishing industry.”
Secretariat
Stanley
26th April 2005
