Dorian Completes Acquisition of Scorpio VLGC Fleet
Dorian LPG Ltd. announced that it has concluded its agreement with Scorpio Tankers Inc. (SBNA) to acquire its Very Large Gas Carrier (VLGC) newbuilding contracts, associated deposits of $83.1 million, and a cash contribution of $1.9 million in exchange for 39.9 million newly issued Dorian LPG shares representing 30% of the Company's pro-forma outstanding shares.
Concurrent with the completion of the transaction between Dorian LPG and Scorpio Tankers, Dorian LPG has also closed its subscription for its private placement of 80,405,405 shares to Norwegian and international institutional investors at a price of NOK 18.50 which represents approximately $250 million in gross proceeds. The Company now has 213,579,150 shares issued and outstanding.
Dorian LPG also declared the two options that were acquired from Scorpio Tankers thereby increasing its fleet to 16 ECO VLGC with deliveries in 2014 and 2015 from Hyundai Heavy Industries Group (HHI) and Daewoo Shipping and Marine Engineering Ltd.