Insider backers of Navig8 Product Tankers are pocketing a quick $8m profit on a $30m lifeline they extended to the company in December.

The private-equity funds subscribed to a preferred-shares issue seven months ago with a proviso that a 20% premium “bonus” be added to the principal amount in the event of a change of control in the company.

That change is exactly what is happening as New York-listed Scorpio Tankers scooped up the Oslo over-the-counter traded company in a $1.1bn