PRIMARY INSIDER DISCLOSURE
December 27, 2013
Reference is made to the primary insider disclosure on December 3, 2013, issued by Converto Capital Fund AS ("CCF"), a subsidiary of Aker ASA, relating to its subscription of shares in the private placement and a conversion of a subordinated loan in American Shipping Company ASA ("AMSC").
Today, an extraordinary general meeting of AMSC was held, which resolved, among other things,
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a share capital incrase for the private placement, where CFF has been allocated 4,093,200 shares in AMSC; and
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the conversion of US$ 29,267,718 million of debt outstanding under a subordinated loan from CCF to AMSC into 5,975,492 shares in AMSC.
Following the subscription of the shares in the private placement and the debt conversion, contemplated to take place on or about January 2, 2014, CCF will hold 11,557,022 shares in AMSC, equalling approximately 19.9% of the shares and votes in AMSC.
In addition, CCF has, as previously announced, financial exposure to a total of 13,187,620 shares in AMSC under two separate TRS (Total Return Swap) agreements. After the completion of the private placement and the debt conversion, CCF will have a total finanical exposure towards AMSC shares of approximately 42.6%.
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.