10 July 2006
A deposit for the purchase of Spirit of Tasmania III has been forwarded to the Commonwealth Bank of Australia and following its internal processes will be placed into a TT-Line Company Pty Ltd account tomorrow, Chairman Denis Rogers said today.
Mr Rogers said this confirmed the binding Agreement between both parties.
“The successful tenderer, Corsica Ferries, has advised TT-Line that it could announce some details of the purchase now that it had completed its own legal processes,” he said.
“The balance of the purchase price for Spirit of Tasmania III will be paid when the company takes delivery of the vessel, which is expected to be in the first week of September.”
Mr Rogers said he was disappointed that complaints attributed to Sydney ship broker Harry Mansson about the sale process for Spirit III continued to attract significant publicity.
“It is important to correct false claims regarding Brittany Ferries, a company who our broker James Mason also works for,” he said.
“Brittany Ferries did not submit a tender for Spirit III.
“Mr Mason, a highly successful, international businessman with 25 years experience in this field, has been unfairly maligned by suggestions of conflict of interest when he made it clear from the outset that he was acting exclusively for TT-Line in the sale process.”
Mr Rogers said when bids closed at 1600 AEST on Friday 30 June, Mr Mansson’s bid, which had conditions attached to it, did not comply with the conditions established by TT-Line and the broker and was below the accepted bid of the successful tenderer.
“In fact, his bid on Friday 7 July was still below that of the successful tenderer,” he said.
“His recent claims that he will pay $2 million more than the highest bidder are irrelevant as it is outside the standard process TT-Line and its broker implemented for the sale, and was offered after final bids had been accepted.”
Mr Rogers said he also was concerned to read editorial in a Swedish-based international cruise and ferry journal that was critical of the company Mr Mansson represented (see attached).
“On 5 July TT-Line received correspondence from Brax Shipping Brokers encouraging it to break the confidentiality agreement it had signed with the successful tenderer by providing them with the agreed sale price so they could better it,” he said.
Mr Rogers said he was looking forward to the GBE hearings later this month that would provide opportunity for further discussion about these and other matters.
Timetable of events for background
Monday 5th June
Permission received from Tasmanian Government to sell Spirit of Tasmania III
Tuesday 6th June
TT-Line Board approves appointment of Mason Shipbrokers Ltd as broker to sell SPOT III upon finalisation of terms by CEO.
Wednesday 7th June
TT-Line CEO Peter Simmons and Mason Shipbroking agreed on terms of appointment and announcement made re appointment of Mr Mason and he in turn notified all major shipping companies throughout the world. TT-Line advised all interested parties who had made direct contact with it that they were to deal exclusively with Mr Mason.
8th to 22nd June
31 expressions of interest and some initial offers received
Friday 23rd June
All 31 interested parties contacted by Mason Shipbrokers on the following basis:
“We have received a number of bona fide and competitive offers for the sale and purchase of Spirit of Tasmania III.
“Sellers have therefore directed us to obtain final offers from interested parties for the vessel. These offers must be unconditional and on an ‘as is where is’ basis (without docking) for delivery ex Devonport on or after 1 September 2006 with the sale on NSF-93 terms, suitably amended. The vessel is offered free of liens and encumbrances, with English law and arbitration to apply.
“As an interested participant, you are therefore invited to forward in writing no later than 16:00 AET hours on Friday 30 June 2006 your best offer for the vessel.
“Sellers will give final instructions to us within three business days of the above date.
“Pending the execution of the sale contract and payment of the deposit, Sellers reserve all rights in respect of the sale of the vessel.”
Friday 30th June
At 1600 hours AEST in the presence of Mr David Roylance, partner in law firm Hellman Fernich and William and a Notary Public, the offers received were reviewed by CEO Peter Simmons and James Mason.
Extract from Shippax, the news arm of Cruise and Ferry Info magazine, an international journal out of Sweden.
Dubious Norwegians ups the SPIRIT bid
In a last-minute attempt to grab the SPIRIT OF TASMANIA III before someone else, a mystery company in Norway has given a bid at AUD 111.6 million.
The company, nominated as Norferries by its Australian broker agent, Mr Harry Mansson, has been connected to every this and that "I believe it when I see it"-projects lately, even in conjunction with buying Silja Line. They do not have any existing ferry operation.
The company is said to be backed by persons paying no tax, and what's even worse; without the money to back a project of this kind.
Although Tasmanian premier Mr Paul Lennon has been quoted in Tasmanian locals saying that he will take the offer seriously, shipping circles in Europe believe it is nothing but broker competitors trying to make life sour for the successful one.
The fact that the Mediterranean buyer of SPIRIT OF TASMANIA III hasn't yet revealed his identity, is being used as arguments in Australia right now. But how many sales & purchases haven't been done with such a clause?
So in the end, isn't it coming back to the question of whom you want to sell your car to; the one where you have the money in your bank account the same day, or to the one offering a bit more but also saying, well, hrmmm, wait a week and we shall see.... It's now a 2 million Australian dollar question of whom Mr Lennon will prefer.
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Released by:
Nicolas Turner Tel: 03 6270 2250 or 0418 538 865
