Fredriksen forlenger TRS-avtaler

Del saken

Geveran Trading Co Ltd, som er indirekte kontrollert John Fredriksen, har forlenget TRS-avtaler knyttet til 31 millioner aksjer i Marine Harvest ASA.

Det opplyses i en børsmelding fra Marine Harvest ASA.

Uløpsdatoen for TRS-avtalene (Total Return Swap), er den 6. januar 2011, og utøvelsesprisen er kroner 5,1826 per aksje.

Geveran Trading sin eierandel i Marine Harvest er uendret på 30,2 prosent etter denne transaksjonen. I tillegg har Geveran Trading TRS-avtaler med en netto eksponering på 70 millioner aksjer i Marine Harvest.

Mer om Total Return Swap (TRS)
A Total Return Swap (TRS) is a bilateral financial transaction where the counterparties swap the total return of a single asset or basket of assets in exchange for periodic cash flows, typically a floating rate such as LIBOR +/- a basis point spread and a guarantee against any capital losses. A TRS is similar to a plain vanilla swap except the deal is structured such that the total return (cash flows plus capital appreciation/depreciation) is exchanged, rather than just the cash flows.

A key feature of a TRS is that the parties do not transfer actual ownership of the assets, as occurs in a repo transaction.  This allows greater flexibility and reduced up-front capital to execute a valuable trade.  This also means Total Return Swaps can be more highly leveraged, making them a favorite of hedge funds.  (Kilde: Financial-edu.com).