Ocean Tankers receives more tankers, rights terms

Ocean Tankers Holdings Pcl (OCT) announced that it has received three more tankers (of the total 8) named M/T “Prodromi”, M/T “Green Forest” and M/T “Berengaria”. To facilitate the payment of the five tankers, the major shareholders and Chairman of the Company, Michael Ioannides, granted a temporary loan of USD 22 mln.

In another development, the Company’s Board of Directors decided to issue 161,631,810 nil-paid rights, which will be allocated to the existing shareholders at the ratio of 1 right per share, whilst for every 5 rights exercised at the exercise price of EUR 0.55 per share, shareholders will receive 2 new shares of nominal value USD 0.20 per share. The exercise of rights will result up to 64,652,724 new shares, while capital increase is expected to reach EUR 35.56mln (USD 50mln). The record date, the date of trading and the period of exercise of the rights will be decided by the BoD at a later stage following approvals by the competent authorities.