Avenir LNG Limited - Private Placement Successfully Completed
November 13 2018 - 11:58AM
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
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Golar LNG via Globenewswire
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