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Eitzen Maritime Services ASA Reference is made to the stock exchange notice on 25 June 2008 regarding the completion of the private placement ("Private Placement") in Eitzen Maritime Services ASA ("EMS").
It has now been clarified that EMS will use its option to pay USD 5 million of the purchase price in the acquisition of Seven Seas Shipchandlers LLC in Dubai, UAE ("Seven Seas Shipchandlers"), by way of new shares in EMS, based on a share price of EMS of NOK 3 per share. Thus, subject to completion of the acquisition of Seven Seas Shipchandlers, EMS will issue 8,566,667 new shares in EMS to the seller on closing of the acquisition as part of the gross purchase price of USD 115 million.
As a consequence of the above it will be proposed that the extraordinary general meeting in EMS, to be held at 12:00 today, resolves to issue 8,566,667 less shares in the Private Placement than announced in the stock exchange notice yesterday.
Based on the above, and subject to the approval of the extraordinary general meeting of EMS today, EMS will therefore issue 77,100,000 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 54.9 % of the shares outstanding in EMS prior to the Private Placement. Total proceeds from the Private Placement amounts to NOK 231,300,000. EMS' share capital will after the registration of the Private Placement consist of NOK 54,397,623.75 divided into 217,590,495 shares, each with a par value of NOK 0.25. When acquisition of Seven Seas Shipchandlers LLC is closed, the Board of EMS will issue 8,566,667 shares directed towards the seller at the subscription price of NOK 3.00 per share. This is expected to happen not later than 5 September 2008.
After completion of the acquisition of Seven Seas Shipchandlers the number of issued shares will be identical to the number announced in the stock exchange notice on 25 June 2008.
The terms and conditions of the repair issue in EMS maintain the same as set out in the stock exchange notice yesterday.
