Avenir LNG Limited - Private Placement Successfully Completed
November 13 2018 - 11:59AM
Bermuda, 13 November 2018 - Reference is
made to the stock exchange release on 1 October 2018 where
Stolt-Nielsen Limited, Golar LNG Limited and Höegh LNG Holdings
Limited (collectively the 'Sponsors') announced a combined
investment commitment of USD 182 million in Avenir LNG Ltd
('Avenir' or the 'Company') and a contemplated
subsequent equity raise in the Company (the 'Private
Placement'). The investment will be contributed as cash and
equity-in-kind and will partly fund the construction of four
7,500cbm small-scale LNG carriers currently under construction at
Keppel Singmarine in Nantong, China, two 20,000cbm small-scale LNG
carriers on order from Sinopacific Offshore Engineering in Nantong,
China and 80% ownership in an LNG terminal and distribution
facility under development in the Italian port of Oristano,
Sardinia.
Avenir LNG has the ambition to become the
leading provider of small scale LNG for the Power, Bunkering,
Trucking and Industrial markets through supplying low-cost LNG
using innovative technology and leveraging from its Sponsors'
know-how and existing LNG infrastructure.
The Company is pleased to announce that the
first step in the capitalisation of Avenir, a Private Placement of
110,000,000 new shares (the 'Offer Shares') at a par price
of USD 1.00 per share, which has now been successfully completed at
a subscription price of USD 1.00 per share.
This placement was split in two tranches.
Tranche A consisted of 99,000,000 new shares that were subscribed
for by Stolt-Nielsen Ltd (through Stolt-Nielsen LNG Holdings Ltd.),
(49,500,000 Shares), Golar LNG Limited (24,750,000 Shares) and
Höegh LNG Holdings Ltd (24,750,000 Shares). This Tranche has
closed.
Tranche B consisted of 11,000,000 new shares and
was placed with a group of institutional and other professional
investors on 8 November. Tranche B will close today, 13 November
2018.
The Company will, once Tranche B is closed, have
an issued share capital of USD 110,000,000 divided into 110,000,000
common shares, each with a nominal value of USD 1.00. Stolt-Nielsen
LNG Holdings Ltd. will hold 45% of the shares, each of Golar LNG
Limited and Höegh LNG Holdings Limited will hold 22.5% while the
remainder will be initially held by the subscribers in Tranche
B.
The Company's shares will be listed on the N-OTC
list with effect from 14 November 2018.
Clarksons Platou Securities AS, Danske Bank
Norwegian branch, DNB Markets, a part of DNB Bank ASA, Fearnley
Securities AS, Nordea Bank Abp. Filial Norge, Pareto Securities AS,
Swedbank Norge, branch of Swedbank AB (Publ.) in cooperation with
Kepler Cheuvreux and Skandinaviska Enskilda Banken AB (publ.) (Oslo
Branch) acted as managers in the Private Placement.
About Avenir LNG Limited:
Avenir LNG Limited is a Bermuda registered
company established for the purpose of developing the small scale
global LNG market by sourcing, shipping, storing and distributing
LNG to the end customer in areas of stranded demand.
FORWARD LOOKING STATEMENTS
This press release contains certain
forward-looking statements concerning future events and Golar's
operations, performance and financial condition. Forward-looking
statements include, without limitation, any statement that may
predict, forecast, indicate or imply future results, performance or
achievements, and may contain the words "believe", "anticipate",
"expect", "estimate", "project", "will be", "will continue", "will
likely result", "plan", "intend" or words or phrases of similar
meanings. These statements involve known and unknown risks and are
based upon a number of assumptions and estimates that are
inherently subject to significant uncertainties and contingencies,
many of which are beyond Golar's control. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Important factors that could cause actual results
to differ materially include, but are not limited to, those factors
listed from time to time in the reports and other documents Golar
files with the United States Securities and Exchange
Commission.
New factors emerge from time to time, and it is
not possible for Golar to predict all of these factors. Further,
Golar cannot assess the impact of each such factor on its business
or the extent to which any factor, or combination of factors, may
cause actual results to be materially different from those
contained in any forward-looking statement. Golar does not intend
to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in Golar's
expectations with respect thereto or any change in events,
conditions or circumstances on which any such statement is
based.
Hamilton, Bermuda
November 13, 2018
Enquiries:
Golar Management Limited: + 44 207 063 7900
Graham Robjohns
Stuart Buchanan
Golar LNG (NASDAQ:GLNG)
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