Reference is made to previous stock exchange announcements, i.a. on 29 June 2011, issued by Converto Capital Fund AS ("CCF"), a subsidiary of Aker ASA, relating to a TRS agreement with financial exposure to 9,182,520 underlying shares in American Shipping Company ASA ("AMSC"), equal to 33.27 per cent of the share capital of AMSC with final expiry date on June 29, 2012. The swap may be issued as three months rolling contracts and CCF has on 29 September entered into a new three months contract with expiry 29 December 2011, with a swap price of NOK 2.6361 per share.
CCF holds 5,493,430 shares in AMSC, equaling 19.90 per cent of the shares and votes of AMSC.
Frank O. Reite, Managing Partner of Converto Capital Management AS which is investment advisor to CCF, is a board member of AMSC.
The information contained herein is subject to the disclosure requirements of sections 4-1 of the Norwegian Securities Trading Act.