NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR IN ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
BW Group Limited (the “Seller”) has retained Arctic Securities AS and Pareto Securities AS (the “Managers”) to explore a potential block sale of existing shares (the “Offering”) in BW LPG Limited (the “Company”).
The Seller is contemplating selling up to 7,000,000 shares in the Company (equal to approx. 4.93% of the Company’s shares outstanding) through an accelerated bookbuilding process. The Seller reserves the right, at its own discretion, to sell fewer shares or no shares at all.
The Offering will commence today (26 May 2021) at 16:30 CEST and will close no later than 27 May 2021 at 08:00 CEST. Please note that the Offering may be closed on short notice at the full discretion of the Seller and/or the Managers. The Offering is expected to be priced and allocated before the opening of the Oslo Stock Exchange on 27 May 2021 (T). The settlement in the Offering will be conducted on a normal delivery-versus-payment basis (DVP T+2).
The Seller currently holds 62,607,126 shares in the Company (equal to approx. 44.11% of the Company’s shares outstanding). The Seller will enter into a 90-day customary lock-up with the Managers following the completion of the Offering for any of the shares the Seller currently holds in the Company which are not sold as part of the Offering.
The Seller has increased its shareholding in the Company over the past 15 months. The purpose of the Offering is to return free float to the market and facilitate further liquidity in the Company’s share. The Seller will remain a large and long-term shareholder in the Company post Offering and is very positive about the LPG market fundamentals.
The minimum order and allocation in the Offering have been set to the NOK equivalent of EUR 100,000. The Managers may, however, offer and allocate an amount below the NOK equivalent of EUR 100,000 in the Offering to the extent exemptions from prospectus requirements, in accordance with Regulation (EU) 2017/1129, are available.
The Seller is represented in the Company’s Board of Directors, by Mr. Andreas Sohmen-Pao, and is thus defined as a primary insider subject to disclosure duties under the Norwegian Securities Trading Act Section 4-2.
For more information about the Offering please contact one of the Managers:
Arctic Securities AS
+47 22 93 72 42
Pareto Securities AS
+47 22 87 87 50
