Saga Tankers ASA reports a net profit for the second quarter 2012 of USD 1.9 million.
Gross freight revenues for the second quarter were USD 3.2 million. Operating revenues for the second quarter were USD 3.1 million.
EBITDA for the second quarter was USD 2.0 million.
Net financial items for the second quarter were USD (-0.1) million.
Earnings per share (EPS) for the second quarter were USD 0.02.
The average number of shares in the quarter was 86,777,409. As per the end of the period, the outstanding number of shares was 86,777,409.
The Company had zero off hire during the quarter, and Saga Agnes performed as normal according to its contract.
Saga Agnes was redelivered to the Company from its Charterer on 27 July, and was subsequently delivered to its Buyer on 31 July. Please see Note 5 enclosed herewith for the subsequent events.
The Company's condensed unaudited financial statements for the second quarter of 2012 are enclosed.
With reference to the press release dated 31 July 2012 and in anticipation of a mandatory offer from Øystein Stray Spetalen for all outstanding shares in the Company, the Board of Directors will postpone calling an extraordinary general meeting to resolve the indicated resolutions in order to distribute the remaining equity to the shareholders. As per section 6-10 of the Norwegian Securities Trading Act (the "STA"), a mandatory offer shall be put forward at the latest within 4 weeks after Spetalen acquired more than 1/3 of all the outstanding shares in the Company. The offer period for such offer shall be minimum 4 and maximum 6 weeks and the Board of Directors will in accordance with section 6-16 of the STA issue a statement in relation to the mandatory offer no later than one week prior to the expiry of the offer period for the offer .
Oslo, 13 August 2012
Investor relations:
Fredrik Platou, CEO
+47 23 11 82 74
management@sagatankers.no
