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2016-10-27

Avance Gas Holding Ltd : Publication of prospectus, listing of private placement shares and commencement of subscription period for the subsequent offering

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED
STATES, CANADA, JAPAN OR AUSTRALIA OR ANY OTHER JURISDICTION IN WHICH THE
DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE.
PLEASE SEE THE IMPORTANT INFORMATION AT THE END OF THE ANNOUNCEMENT

Bermuda, 27 October 2016
- Reference is made to the stock exchange announcement by Avance Gas Holding
Ltd ("Avance Gas" or the "Company") dated 21 October 2016 regarding the
successfully completed private placement (the "Private Placement") and the
contemplated subsequent repair offering of additional new shares at the same
subscription price as in the Private Placement (the "Subsequent Offering").

Approval and availability of the prospectus:

The Norwegian Financial Supervisory Authority (the "NFSA") has approved the
prospectus of the Company dated 26 October 2016 (the "Prospectus") for (i)
the listing of 26,750,000 new shares in the Company, each with a nominal
value of USD 1.00, issued in connection with the Private Placement (the
"Private Placement Shares") and (ii) the offering and listing of up to
2,500,000 new shares in the Company, each with a nominal value of USD 1.00,
to be issued in connection with the Subsequent Offering (the "Offer Shares").

The Prospectus will be available on the Company's website, www.avancegas.com,
and on the websites of ABN AMRO, Danske Bank, DNB Markets, Nordea Markets,
Credit Agricole CIB, SEB and Swedbank (the "Managers"). Hard copies of the
Prospectus are available at the offices of Avance Gas at Thistle House, 4
Burnaby Street, Hamilton HM 11, Bermuda or may be obtained by contacting the
Managers.

Listing of the Private Placement Shares:

Beneficial interests in the Private Placement Shares were delivered in
book-entry form with the VPS on 25 October 2016 to investors having
subscribed for the shares, while the Private Placement Shares are registered
in the name of DNB Bank ASA in the register of members of the Company in
Bermuda.

The Private Placement Shares have, from the date they were issued, been
registered with ISIN BMG067231115, which is different from the ISIN number of
the existing shares, thus ensuring that the Private Placement Shares could
not be traded on the Oslo Stock Exchange before publication of the
Prospectus. As a result of the publication of the Prospectus, the Private
Placement Shares will be listed and admitted to trading on the Oslo Stock
Exchange today, 27 October 2016.

The Subsequent Offering:

The Subsequent Offering consists of an offer by the Company to issue up to
2,500,000 Offer Shares, raising gross proceeds of up to approximately NOK 43
million.

Eligible shareholders, being shareholders who (i) were holding less than
63,000 shares as of 20 October 2016, as registered with the VPS as of expiry
of 24 October 2016 (the "Record Date"), (ii) were not allocated shares in the
Private Placement, and (iii) are not resident in a jurisdiction where such
offering would be unlawful or, for jurisdictions other than Norway, would
require any prospectus, filing, registration or similar action (the "Eligible
Shareholders"), will be granted non-transferable subscription rights that,
subject to applicable law, will give the right to subscribe for, and be
allocated, Offer Shares at the Subscription Price (as defined below).

The Eligible Shareholders will be granted 0.2385 non-transferable subscription
rights for each existing share registered as held by such Eligible
Shareholders as of the Record Date, rounded down to the nearest whole
subscription right. Each subscription right provides a preferential right to
subscribe for, and be allocated, one Offer Share at the Subscription Price,
subject to applicable securities laws. Oversubscription will be permitted,
but subscription without subscription rights is not permitted.

The subscription price in the Subsequent Offering is NOK 17.00 per Offer Share
(the "Subscription Price"), being the same as the subscription price in the
Private Placement.

The subscription period in the Subsequent Offering commences today, 27 October
2016, and expires on 10 November 2016 at 16:30 hours (CET). Holders of
subscription rights should note that subscriptions for Offer Shares must be
made in accordance with the procedures set out in the Prospectus.

For further queries, please contact:

Christian Andersen, President
Tel: +47 22 00 48 05 / Email: c.andersen@avancegas.com

Peder C. G. Simonsen, CFO
Tel: +47 22 00 48 15 / Email: p.simonsen@avancegas.com

About Avance Gas

Avance Gas operates in the global market for transportation of liquefied
petroleum gas (LPG). The Company is one of the world's leading owners and
operators of very large gas carriers (VLGCs), operating a fleet of fourteen
modern VLGC ships.

Important information

This communication may not be published, distributed or transmitted in the
United States, Canada, Australia or Japan. These materials do not constitute
an offer of securities for sale or a solicitation of an offer to purchase
securities of the Company in the United States, Norway or any other
jurisdiction. The securities of the Company may not be offered or sold in the
United States absent registration or an exemption from registration under the
U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"). The
securities of the Company have not been, and will not be, registered under
the U.S. Securities Act. Any sale in the United States of the securities
mentioned in this communication will be made solely to "qualified
institutional buyers" as defined in Rule 144A under the U.S. Securities Act
and to "major U.S. institutional investors" under SEC Rule 15a-6 to the
United States Exchange Act of 1934. No public offering of the securities will
be made in the United States.

Investors should not subscribe for any securities referred to in these
materials except on the basis of information contained in the prospectus. In
any EEA Member State that has implemented the Prospectus Directive, other
than Norway, this communication is only addressed to and is only directed at
qualified investors in that Member State within the meaning of the Prospectus
Directive, i.e., only to investors who can receive the offer without an
approved prospectus in such EEA Member State. The expression "Prospectus
Directive" means Directive 2003/71/EC (and amendments thereto, including
Directive 2010/73/EU, to the extent implemented in any relevant Member State)
and includes any relevant implementing measure in the relevant Member State.

In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (as amended) (the "Order") or (ii) are
persons falling within Article 49(2)(a) to (d) of the Order (high net worth
companies, unincorporated associations, etc.) (all such persons together
being referred to as "Relevant Persons"). These materials are directed only
at Relevant Persons and must not be acted on or relied on by persons who are
not Relevant Persons. Any investment or investment activity to which this
announcement relates is available only to Relevant Persons and will be
engaged in only with Relevant Persons. Persons distributing this
communication must satisfy themselves that it is lawful to do so.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "anticipate", "believe",
"continue", "estimate", "expect", "intends", "may", "should", "will" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict and are beyond its
control. Such risks, uncertainties, contingencies and other important factors
could cause actual events to differ materially from the expectations
expressed or implied in this release by such forward-looking statements. The
information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice.

This announcement is made by and, and is the responsibility of, the Company.
The Managers are acting exclusively for the Company and no one else and will
not be responsible to anyone other than the Company for providing the
protections afforded to their respective clients, or for advice in relation
to the contents of this announcement or any of the matters referred to
herein.

Neither the Managers nor any of their respective affiliates makes any
representation as to the accuracy or completeness of this announcement and
none of them accepts any responsibility for the contents of this announcement
or any matters referred to herein.

This announcement is for information purposes only and is not to be relied
upon in substitution for the exercise of independent judgment. It is not
intended as investment advice and under no circumstances is it to be used or
considered as an offer to sell, or a solicitation of an offer to buy any
securities or a recommendation to buy or sell any securities of the Company.
Neither the Managers nor any of their respective affiliates accepts any
liability arising from the use of this announcement.

Each of the Company, the Managers and their respective affiliates expressly
disclaims any obligation or undertaking to update, review or revise any
statement contained in this announcement whether as a result of new
information, future developments or otherwise.

The distribution of this announcement and other information may be restricted
by law in certain jurisdictions. Persons into whose possession this
announcement or such other information should come are required to inform
themselves about and to observe any such restrictions.

This information is subject to disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act.

---------------------------------------

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Avance Gas Holding Ltd via Globenewswire

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