As notified in Team Tankers International Ltd.'s announcement 2 March 2015, Team Tankers International Ltd. has today effected a compulsory acquisition of the shares in Eitzen Chemical ASA not already held by Team Tankers International Ltd. in accordance with section 4-25 of the Norwegian Public Limited Companies Act.
The price offered in the compulsory acquisition is NOK 4.20 in cash for each Eitzen Chemical ASA share (the "Offer Price"). The Offer Price is based on the volume weighted average trading price for the shares in Eitzen Chemical ASA for the period of five trading days prior to the closing date of the exchange offer, i.e. 28 February 2015.
The deadline for objecting to or rejecting the Offer Price is two months calculated from the time the compulsory acquisition is published through the electronic publication system operated by the Norwegian Register of Business Enterprises. This is expected to take place on 13 March 2015 so that the deadline for making objections or rejections expires on 13 May 2015.
Settlement of the Offer Price to the minority shareholders that do not object to or reject the Offer Price will take place on or about 20 May 2015.
The board of directors of Eitzen Chemical ASA will propose to the general meeting of Eitzen Chemical ASA to approve a de-listing of Eitzen Chemical ASA shares from Oslo Børs and file an application for de-listing with Oslo Børs, effective as soon as possible.
The Board of Directors
Team Tankers International Ltd.
Hamilton, Bermuda
Team Tankers International Ltd.
Hamilton, Bermuda
Questions should be directed to:
Jens Grønning: CEO Team Tankers Management
+45 3997 0300
+45 3997 0300
Andreas Reklev: CFO Team Tankers Management
+47 932 08 886
+47 932 08 886
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.