Oslo, 10 July 2020 – Reference is made to the stock exchange announcement made by MPC Container Ships ASA ("MPCC" or the "Company") on 10 July 2020 regarding the successful completion of a private placement with gross proceeds of NOK 260,000,000 by issuance of 260,000,000 new shares at a subscription price of NOK 1.00 per share (the "Private Placement").
The Private Placement was fully underwritten by existing shareholders and primary insiders in the Company: STAR Spike Ltd. (a fund managed by STAR Capital Partnership LLP) ("STAR"), CSI Beteiligungsgesellschaft mbH and associated parties ("CSI") and Pilgrim Global ICAV ("Pilgrim", and jointly with STAR and CSI, the "Underwriters"). Each Underwriter is entitled to an underwriting commission of 4% of its underwriting commitment in the Private Placement in excess of its pro rata portion of the Private Placement (the "Underwriting Commission"). The Underwriting Commission shall be settled in full by issuance of new shares to the Underwriters at the subscription price in the Private Placement (the "Underwriting Commission Shares").
Pursuant to the authorisation given to the Board of Directors at the Company's ordinary general meeting on 28 April 2020, the Board of Directors has today resolved to issue 6,353,127 new shares as Underwriting Commission Shares in order to settle the Underwriting Commission to the Underwriters. The issuance of the Underwriting Commission Shares is conditional upon the completion of the Private Placement by the extraordinary general meeting in the Company, including the issuance of the Underwriting Commission Shares. The share capital increase pertaining to the issuance of the Underwriting Commission Shares is expected to be registered with the Norwegian Register of Business Enterprises simultaneous with the registration of the share capital increase pertaining to the Private Placement.
STAR has been allocated 72,710,028 new shares in the Private Placement (including Underwriting Commission Shares) and will hold 90,915,254 shares in the Company, which represents 25.41% of the Company's shares and voting rights. CSI has been allocated 55,847,428 new shares in the Private Placement (including Underwriting Commission Shares) and will hold 69,907,623 shares in the Company, which represents 19.54% of the Company's shares and voting rights. Pilgrim has been allocated 15,440,376 new shares in the Private Placement (including Underwriting Commission Shares) and will hold 19,180,146 shares in the Company, which represents 5.36% of the Company's shares and voting rights.
This information is subject to the disclosure requirements set out in section 4-2 of the Norwegian Securities Trading Act.
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About MPC Container Ships ASA:
MPC Container Ships ASA (ticker code "MPCC") was formed in April 2017. Its main activity is to own and operate a portfolio of container ships with a focus on the feeder segment between 1,000 and 3,000 TEU. The Company is registered and has its business office in Oslo, Norway. For more information, please see our webpage: www.mpc-container.com.