Nordic American Tankers Ltd. ("NAT") Completes Acquisition of Scandic American Shipping Ltd., the Business Manager of NAT.
On December 17, 2012 NAT (NYSE: NAT) announced that it had acquired 100% of the shares of Scandic American Shipping Ltd. ("Scandic"), its management company since 2004. This transaction has now been completed. The Company acquired Scandic from a company controlled by Herbjørn Hansson, NAT's Chairman and CEO, and his closest family. As part of the consideration payable to the seller, the Company issued an aggregate of 1,910,112 common shares of the Company, which are subject to a one-year lock up agreement. Following this transaction, Mr. Hansson and members of his family own about 5.6% or 3.1 million shares of the Company's outstanding shares.
Mr. Hansson commented: "Our ownership in Scandic has now been converted into NAT shares and as a result of this transaction our interests are further aligned with those of all shareholders. This increased shareholding in NAT is showing my strong support of the Company and its strategy and policies. The NAT acquisition of Scandic will have no effect on the management of NAT in any way. I plan to serve as Chairman and CEO for a good many years to come."