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Eitzen Maritime Services ASA Reference is made to the stock exchange notice yesterday regarding the completion of the private placement ("Private Placement") in Eitzen Maritime Services ASA ("EMS").
EMS has successfully carried out the announced private placement directed towards certain existing shareholders and new investors. The Private Placement was fully subscribed at NOK 3.00 per share.
Subject to the approval of the general meeting of EMS on 26 June 2008, EMS will issue 85,666,667 new shares allocated in the Private Placement at the subscription price of NOK 3.00 per share. The new shares to be issued in the Private Placement represent approximately 60.9 % of the shares outstanding in EMS prior to the Private Placement. Total proceeds from the Private Placement amounts to NOK 257,000,000. EMS' share capital will after the registration of the Private Placement consist of NOK 56,539,290.50 divided into 226,157,162 shares, each with a par value of NOK 0.25.
Payment for the shares shall take place within 2 July 2008, and registration and issuance of the new shares will be made as soon as possible thereafter. The new shares will be listed on Oslo Stock Exchange as soon as the prospectus has been approved by Oslo Børs, which is expected to take place on or around 4 July 2008. In the meantime a share lending agreement has been entered into with EMS' principal shareholder Camillo Eitzen & Co ASA, so that existing and listed shares in EMS will be delivered to the subscribers in the Private Placement who have made timely payment.
The purpose of the Private Placement is to partly finance EMS' acquisition of Seven Seas Shipchandlers LLC in Dubai, UAE, cf. EMS' stock exchange notice on 9 June 2008. The managers in the Private Placement have been Fondsfinans and Kaupthing, and Orion Securities has been selling Agent in the Private Placement.
Subject to the approval of the general meeting of EMS on 26 June 2008, a repair issue of up to 4,300,000 new shares in EMS will be offered to shareholders in EMS as at the end of 25 June 2008 that was not invited to participate in the Private Placement. The subscription price in the repair issue will be equal to the subscription price in the Private Placement, i.e. NOK 3.00 per share. Each eligible shareholder will be entitled to subscribe for 2 new shares in the repair issue per 5 shares held at the end of 25 June 2008. The eligible shareholders will receive the prospectus and subscription form as soon as the prospectus has been approved by Oslo Børs. The eligible shareholders' rights to participate in the repair issue will not be listed or tradable. It is expected that the subscription period in the repair issue will start on or about 7 July and end on or about 21 July 2008.
Camillo Eitzen & Co ASA has undertaken to vote for the Private Placement and the repair issue at the extraordinary general meeting on 26 June 2008.
