Today, U-SEA Bulk Shipping A/S has received an announcement from its main shareholder, Ultragas ApS, CVR no. 32 94 95 41 (“Ultragas”), informing that Ultragas’ board of directors has decided to increase Ultragas’ ownership of the Company’s shares as soon as possible in order for the aggregate ownership to exceed 90 percent of the Company’s share capital and voting rights and immediately thereafter initiate a compulsory acquisition, pursuant to sections 70-72 of the Danish Companies Act, of shares held by the Company’s minority shareholders. In connection with the compulsory acquisition, Ultragas will offer the minority shareholders to transfer their shares at an acquisition price of DKK 28.77 per share of nominally DKK 1.
Further, in connection with the compulsory acquisition Ultragas will request that the Company initiates and carries out a deletion of the Company’s shares from trading and official listing on NASDAQ OMX Copenhagen A/S, including convening an extraordinary general meeting with the purpose of resolving to approve the delisting where Ultragas will vote for the Company submitting a request for delisting to NASDAQ OMX Copenhagen A/S.
The compulsory acquisition is expected to be initiated on 1 December 2011 and the notice period for the compulsory acquisition pursuant to section 70(1) of the Danish Companies Act will expire on 29 December 2011.
The last trading date on NASDAQ OMX Copenhagen A/S is expected to be 29 December 2011.
Sincerely yours,
U-SEA Bulk Shipping A/S
