BW Group Increases Epic Gas Stake
Singapore-based BW Group has increased its stake in the pressurised LPG shipping solutions company Epic Gas to 82.58% with the completion of its voluntary unconditional offer.
On 16 April, BW Group received acceptances under the Offer for a total of 9,698,135 shares, corresponding to approx. 13.76% of the outstanding shares and voting rights in the Company.
Under the Offer, BW Group has received acceptances for a total of 19,646,947 shares, corresponding to 27.88% of the outstanding shares and voting rights in the Company.
Together with the 38,548,329 shares BW Group already owned, it now owns and holds the rights to a total of 58,195,276 shares, representing 82.58% of the outstanding shares in the Company.
In addition, the acceptances also include shares purchased by any accepting shareholders prior to settlement of the Offer, meaning that the total number of shares acquired by BW Group may be higher.
The Offer is unconditional. Settlement will be made in Norwegian Kroner (NOK) no later than three Business Days after the date of expiry of the acceptance period (as further described in the offer document section 3.15 and subject to the amendments provided for in the announcement made on 2 April 2019 regarding the change of the currency exchange date).
The Company will maintain its listing on Merkur Market and will continue to operate independently from BW Group.
Charles Maltby, Chairman and Chief Executive Officer of Epic Gas, said, “We thank our departing shareholders for their support over many years which enabled us to build a company with the largest and youngest comparable fleet, operating at the highest standards."
Charles added: "We are pleased to have the continued support from those shareholders that elected to remain and see this as an endorsement of our strategy to further expand our leading position in the pressurised LPG sector. The world needs LPG and we have a strong global platform, focused on the delivery of high quality, safe, long-term solutions for our customers.”