Reference is made to the stock exchange announcements made by Team Tankers International Ltd ("Team Tankers" or the "Company) on 28 February 2018 and 23 March 2018 regarding the Company's agreements to acquire all of the outstanding shares in each of Laurin Shipping AB and Anglo-Atlantic Steamship Company Ltd.
Team Tankers is pleased to announce that the acquisitions of Laurin Shipping AB and Anglo-Atlantic Steamship Company Ltd. have been completed.
The preliminary purchase prices payable at closing for the shares in Laurin Shipping AB and Anglo-Atlantic Steamship Company Ltd. have been estimated to USD 10.4 million and USD 55.3 million respectively. The preliminary subscription price for the shares in the Company has been estimated at USD 2.00 per share (approximately NOK 15.70 at current exchange rates) and a total of 21,096,099 new shares in Team Tankers (the "New Shares") have been issued to the former owner of Anglo-Atlantic Steamship Company Ltd., Thunder Bay Ltd. The New shares represent 10.07% of the issued shares and votes of Team Tankers. The mentioned preliminary purchase prices and the subscription price are subject to customary post-closing adjustments.
Following the issuance of the New Shares, the issued share capital of the Company will be 209,578,173 common shares, each with a par value of USD 0.01.
The New Shares will be admitted to trading on Oslo Stock Exchange under the ticker "TEAM" and are tradable on Oslo Børs following registration of the new shares in the Norwegian Central Securities Depository. A seperate announcement will be made when the registration of the New Shares is completed.
Hamilton, Bermuda, 4 April 2018
Team Tankers International Ltd.
For further information, please contact:
Hans Feringa, President and CEO
T: +1 203 221 3420
Kevin Kilcullen, CFO
T: +1 203 221 3433