31 March 2017 - Reference is made to American Shipping Company ASA's ("ASMC" or the "Company") stock exchange notice dated 29 March, 2017 where AMSC announced its intent to purchase 25,000 treasury shares in connection with its incentive scheme for employees. AMSC has today purchased 11,500 shares in the Company on Oslo Børs at an average price of NOK 28.0783 per share, which implies a total consideration of NOK 322,900. The purchase of treasury shares was carried out in accordance with an authorization granted by the Annual General Meeting of the Company held on April 27, 2016.
Following the purchase, AMSC holds a total of 25,000 treasury shares, constituting approximately 0.04% of the Company's shares and votes. The shares will be sold to MB Capital AS, a company controlled by the Company's CFO, Morten Bakke.
***