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