Western Bulk Chartering AS sets ex date for share subscription rights

Reference is made to the announced plan to issue new shares in Western Bulk Chartering AS (the "Company") and the extraordinary general meeting held on 15 December 2016 which authorized the board of directors in the Company to issue up to 4 million new shares in order to raise the NOK equivalent of USD 15 million in new equity (the "Offering").

As previously communicated to the shareholders, the Offering of new shares will be directed only to the 149 largest shareholders in the Company.

The board of directors has resolved to direct the Offering towards the 149 largest shareholders of the Company as of 30 December 2016, as registered in the Norwegian Central Securities Depositary (the "VPS") on 3 January 2017 (the "Record Date") with the exception of shareholders that are resident in a jurisdiction outside Norway where such offering would be unlawful, or would require a full prospectus, registration or similar action  (the "Eligible Shareholders"). Each shareholder account in VPS will be treated separately and not combined for investors owning shares through different VPS accounts. Shares purchased or sold after 30 December 2016 will be exclusive of the right to subscribe for new shares.

Based on the shareholder register on the Record Date, any Eligible Shareholders holding 251 shares or more on their VPS account as of 30 December 2016 will receive an offer to subscribe for shares in the Company.

The Company will complete the Offering before end of Q1-17, and the Eligible Shareholders will receive information about the offer in due course. The two largest shareholders, Kistefos AS and Ojada AS, have provided a guarantee for the full amount, with USD 13.8 million and USD 1.2 million respectively.


For more information, please contact:
Jens Ismar, Chief Executive Officer
Tel: +47 9009 0897
E-mail: jens.ismar@westernbulk.com

Western Bulk

Email and IT-related Fraud Alert

There is an increasing risk of attempted fraud and other security threats via email. In particular, Western Bulk has noticed an increase of fraudulent requests to change bank account details of suppliers/creditors, in an attempt to redirect payments to criminals and not to the intended recipient. We encourage everyone to be vigilant and learn to detect fraudulent email instructions - seemingly legitimate emails may contain fraudulent information, this is not just a cybersecurity matter.

As a result, Western Bulk will treat any notice of bank account changes as suspicious. Urgent pressure to effect payment as soon as possible without verification of the changes will also be treated as suspicious.

Please note that Western Bulk would not inform of changes to bank account details by email notice alone. In the unlikely event that we need to change a beneficiary name or our other bank account details, we would personally contact our supplier or customer in order to personally verify any change in details.

Similarly, we ask that all our suppliers and creditors:

1. first notify us in writing and
2. personally verify any change in bank details or change in beneficiary in any payment advice to Western Bulk.

In summary, notices of bank account changes will require voice confirmation from your Western Bulk contact, either by telephone or face to face, before payment can be authorised so please make sure to notify any changes in good time.