Famatown Finance Ltd Amends 13D Filing for International Seaways
Ticker: INSW · Form: SC 13D/A · Filed: Apr 22, 2024 · CIK: 1679049
Sentiment: neutral
Topics: ownership-change, sec-filing, schedule-13d
Related Tickers: INSW
TL;DR
Famatown Finance Ltd filed an amendment to its 13D for INSW, watch for changes.
AI Summary
Famatown Finance Ltd, a significant shareholder, filed an amendment (No. 3) to its Schedule 13D on April 22, 2024, regarding its holdings in International Seaways, Inc. The filing indicates a change in the beneficial ownership of securities, though specific details on the nature of the change or the exact number of shares are not provided in this excerpt. Famatown Finance Ltd is based in Limassol, Cyprus.
Why It Matters
This amendment signals a potential shift in the ownership structure or strategy of a major shareholder in International Seaways, which could impact the company's stock price and corporate governance.
Risk Assessment
Risk Level: medium — Amendments to Schedule 13D filings often indicate changes in a significant shareholder's stake or intentions, which can introduce uncertainty and potential volatility for the company's stock.
Key Players & Entities
- Famatown Finance Ltd (company) — Filer of the Schedule 13D amendment
- International Seaways, Inc. (company) — Subject company of the filing
- Seatankers Management Co. Ltd (company) — Mailing address contact for Famatown Finance Ltd
FAQ
What specific changes are detailed in Amendment No. 3 to the Schedule 13D?
The provided excerpt states it is an 'AMENDMENT NO. 3 TO THE SCHEDULE 13D' and indicates a 'change in the beneficial ownership of securities,' but does not specify the exact nature or extent of the changes.
When was this amendment filed with the SEC?
The amendment was filed on April 22, 2024.
Who is the subject company of this filing?
The subject company is International Seaways, Inc.
Where is Famatown Finance Ltd located?
Famatown Finance Ltd is located in Limassol, Cyprus.
What is the CUSIP number for International Seaways, Inc. common stock?
The CUSIP number for International Seaways, Inc. common stock is Y41053102.
Filing Stats: 1,620 words · 6 min read · ~5 pages · Grade level 9.9 · Accepted 2024-04-22 14:12:38
Filing Documents
- sc13da313552002_04192024.htm (SC 13D/A) — 97KB
- 0000921895-24-000928.txt ( ) — 99KB
Purpose of Transaction
Item 4. Purpose of Transaction.
is hereby amended to add the following
Item 4 is hereby amended to add the following: Pursuant to discussions between the Reporting Persons and the Issuer, on April 17, 2024, the Issuer announced that it will nominate Kristian K. Johansen to the Board at the Issuer’s upcoming annual meeting of stockholders (the “2024 Annual Meeting”). In connection with his nomination, Mr. Johansen has delivered an irrevocable conditional letter of resignation to the Board (the “Letter”) pursuant to which Mr. Johansen has agreed to resign from the Board upon the occurrence of certain events specified in the Letter, including if any member of Seatankers (as defined in the Letter) becomes adverse to the Issuer or if Mr. Johansen fails to comply with Issuer and Board policies applicable to directors. The full text of the Letter is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Interest in Securities of the Issuer
Item 5. Interest in Securities of the Issuer. Items 5 (a) – (c) of the Schedule 13D are hereby amended and restated as follows: (a, b) According to information contained in the Issuer’s Annual Report on Form 10-K, which was filed with the Commission on February 29, 2024, the percentage of beneficial ownership is based on the 48,930,872 Common Shares issued and outstanding as of February 27, 2024, and excludes any treasury stock. The Reporting Persons report beneficial ownership of the following Common Shares: Famatown may be deemed to be the the vote of 0 Common Shares and the shared power to vote or to direct the vote of 8,266,856 Common Shares. Famatown has the sole power to dispose or direct the disposition of 0 Common Shares and the shared power to dispose or to direct the disposition 8,266,856 Common Shares. Greenwich Holdings, through Famatown, may be deemed to be the beneficial owner of 8,266,856 Common Shares, constituting 16.89% of the Common Shares outstanding. Greenwich Holdings has the sole power to vote or direct the vote of 0 Common Shares and the shared power to vote or to direct the vote of 8,266,856 Common Shares. Greenwich Holdings has the sole power to dispose or direct the disposition of 0 Common Shares and the shared power to dispose or to direct the disposition of 8,266,856 Common Shares. C.K. Limited, through Greenwich Holdings, may be deemed to be the beneficial owner of 8,266,856 Common Shares, constituting 16.89% of Common Shares outstanding. C.K. Limited has the sole power to vote or direct the vote of 0 Common Shares and the shared power to vote or to direct the vote of 8,266,856 Common Shares. C.K. Limited has the sole power to dispose or direct the disposition of 0 Common Shares and the shared power to dispose or to direct the disposition of 8,266,856 Common Shares. 5 CUSIP No. Y4105
Material to be Filed as Exhibits
Item 7 Material to be Filed as Exhibits.
is hereby amended to add the following
Item 7 is hereby amended to add the following exhibit: Exhibit 99.1 – Irrevocable Conditional Letter of Resignation, dated April 17, 2024 (incorporated by reference to the Issuer’s Ex. 99.2 to the Issuer’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on April 19, 2024) 6 CUSIP No. Y41053102 SIGNATURE After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Date: April 22, 2024 FAMATOWN FINANCE LIMITED By: /s/ Christakis Theodoulou Name: Christakis Theodoulou Title: Director GREENWICH HOLDINGS LIMITED By: /s/ Christakis Theodoulou Name: Christakis Theodoulou Title: Director C.K. LIMITED By: /s/ Christakis Theodoulou Name: Christakis Theodoulou Title: Director 7