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2016-02-05

Western Bulk ASA: Western Bulk ASA - Completion of Sale

As announced on 1 February 2016 Bulk Invest ASA (formerly Western Bulk ASA,
the "Company") has executed a sale and purchase agreement in respect of its
100% owned subsidiary Western Bulk Chartering AS ("WB Chartering") with
Kistefos Equity Operations AS, an entity wholly controlled by Kistefos AS
(the "Purchaser"), following an accelerated auction process involving
identified interested parties (the "Transaction").

As described in an extended stock exchange notice sent out on 4 February 2016,
the Transaction was approved by the Company's extraordinary general meeting
on 3 February 2016. The Transaction was further conditional upon approval
from the Company's bondholders that the Purchaser assumes the debtor position
from the Company under the MNOK 300 senior unsecured bond issue with ISIN NO
001067557.2 (the "Bond Issue").

The Company has now received undertakings from bondholders representing more
than 2/3 majority of the bondholders' meeting that they will vote in favour
of the necessary amendments to the Bond Issue. The Purchaser has therefore
lifted its completion conditions and the transfer of the shares in WB
Chartering is expected to be completed on or about 8 February 2016. The
Company will receive MUSD 10 of the cash consideration on completion and the
remaining MUSD 6 on 2 March 2016.

Following the transfer of the shares, WB Chartering will be an independently
operating entity wholly controlled by Kistefos AS. Kistefos AS has informed
Bulk Invest ASA that it intends to offer the existing shareholders of Western
Bulk ASA to acquire a pro rata portion of the Western Bulk Chartering Group.
Further information about this offer, including information as to the record
date, will be communicated in due course.

For more information, please contact:
Jens Ismar, Chief Executive Officer
Tel: +47 9009 0897
E-mail:jens.ismar@westernbulk.com

Håvard Furu, Chief Financial Officer
Tel: +47 9912 3443
E-mail:havard.furu@westernbulk.com

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

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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: Western Bulk ASA via Globenewswire

HUG#1984078

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