NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY IN UNITED STATES, CANADA, AUSTRALIA, JAPAN OR ANY JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES.
Reference is made to the notice issued on 12 June 2023, where BW LPG Limited (the “Company”) launched an offer to purchase shares in the Company through a reverse book building process (the “Offering). The application period expired at 18:00 hours (CEST) on 14 June 2023.
Following the end of the application period, the Company has resolved to buy 956,222 shares at a price of NOK 108.00 per share. This equates to about USD 9.7million in total. All tenders with limits at or below NOK 108.00 have been allocated in full.
Anders Onarheim, BW LPG CEO, says: “Despite the somewhat limited interest in tendering, we are happy with the results and that shareholders were given the opportunity to get liquidity. The price represents a material discount to the NAV based on conservative book values and as estimated by the analyst community. Buy backs remain an attractive option for the company to enhance shareholder values and this leaves ample room for further buy backs going forward.”
Allocation notifications will be sent to shareholders having tendered shares in the Offering on or about 15 June 2023. The trade date is expected to be on or about 15 June 2023 and the settlement date is expected to be on or about 19 June 2023. The settlement will be conducted on a normal delivery-versus-payment basis (DVP) or through the VPS system.
Following settlement of the Offering, the Company will own 10,510,225 shares in the Company. The Company currently has 141,938,998 shares outstanding.
For further information, please contact:
Chief Executive Officer
Interim Chief Financial Officer
Head of Investor Relations and Corporate Development
ABOUT BW LPG
BW LPG is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping, experienced employees and an in-house LPG trading division, BW LPG offers an integrated, flexible, and reliable service to customers. More information about BW LPG can be found at www.bwlpg.com.
BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment.
The information contained herein about the Offering is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and section 5-12 of the Norwegian Securities Trading Act. This stock exchange release was published by Iver Baatvik, Interim CFO, BW LPG Limited on 15 June 2023 at 08:49 (CEST)
Shareholders tendering their shares in the Offering are advised to consult with their own tax advisers with respect to the tax position in their country of residence or other jurisdictions to which they may have a tax liability as a result of a sale of shares in the Offering.
The Offering and the distribution of this announcement and other information in connection with the Offering may be restricted by law in certain jurisdictions (including, but not limited to, the United States, Canada, Australia and Japan). None of the Company or the Manager assume any responsibility in the event there is a violation by any person of such restrictions. This includes shareholders who have changed their domicile to such jurisdictions but which may access their VPS accounts. Persons into whose possession this announcement or relevant information should come are required to inform themselves about and to observe any such restrictions. The Offering is not being made directly or indirectly in, or by use of the mails of, or by any means or instrumentality of interstate or foreign commerce of, or any facilities of a national securities exchange of, the United States of America, its territories and possessions, any State of the United States and the District of Columbia (the “United States”) or any other jurisdiction in which this would be unlawful, require registration or other measures. This includes, but is not limited to, facsimile transmission, internet delivery, e-mail and telephones. Copies of this release and any related documents are not being, and must not be, mailed, e-mailed or otherwise distributed or sent in or into the United States or any such jurisdiction and so doing may invalidate any purported acceptance.