EITZEN
Completes the acquisition of Seven Seas Shipchandlers
NOV, 27.2008
After completing the transfer of ownership and meeting other conditions of the contract and the loan agreement, Eitzen Maritime Services ASA (EMS) and the seller closed the transaction on November 26th, 2008. The payment of the consideration amount being adjusted to USD 114.3m (consists of 3 elements; a cash settlement of USD 90m, a sellers credit of USD 19.3m and a share issue valued to USD 5m).
The number of shares issued is based on the share price of NOK 3 and the currency exchange rate on June 25th 2008 being the same date the private placement took place. Thus EMS has issued 8.480.833 shares to the seller to meet the USD 5m obligations. EMS' share capital after the registration of the Private Placement will consist of NOK 56,563,118.50 divided into 226,252,474 shares, each with a par value of NOK 0.25.
