Reference is made to previous stock exchange announcement of 17 March 2014 issued by Converto Capital Fund AS ("CCF"), a subsidiary of Aker ASA, relating to the entry into of a TRS agreement with financial exposure to 9,182,520 underlying shares in American Shipping Company ASA ("AMSC"), equal to 15.15 per cent of the share capital of AMSC. CCF has today extended the term of the TRS agreement. The expiry date of the TRS agreement has been set to June 16, 2015. The swap price for the contract is NOK 47.3155 per share.
CCF holds 11,557,022 shares in AMSC, equaling 19.07 per cent of the shares and votes of AMSC. In addition to the financial exposure provided by the said swap agreement, CCF also has, as previously announced, financial exposure to 4,005,100 shares in AMSC under a total return swap agreement, equal to 6.61 % of the share capital of AMSC.
Lars Solbakken, CEO of Ocean Yield ASA which is a subsidiary of Aker ASA, is a board member of AMSC.
The information contained herein is subject to the disclosure requirements of section 4-2 of the Norwegian Securities Trading Act