Avenir LNG has announced that the first step in its capitalisation, a private placement of 110 million new shares at a par price of US$1.00 per share, has been successfully completed at a subscription price of US$1.00 per share.
The placement was split into two tranches:
- Tranche A consisted of 99 million new shares that were subscribed for by Stolt-Nielsen Ltd (through Stolt-Nielsen LNG Holdings Ltd.), (49.50 million shares), Golar LNG Limited (24.75 million shares) and Höegh LNG Holdings Ltd. (24.750 million shares). This Tranche has closed.
- Tranche B consisted of 11 million new shares and was placed with a group of institutional and other professional investors on 8 November. Tranche B is also now closed as of 13 November 2018.
The company, now that Tranche B is closed, has an issued share capital of US$110 million divided into 110 million common shares, each with a nominal value of US$1.00. Stolt-Nielsen LNG Holdings Ltd. will hold 45% of the shares, each of Golar LNG Limited and Höegh LNG Holdings Limited will hold 22.5% while the remainder will be initially held by the subscribers in Tranche B.
The company’s shares will be listed on the N-OTC list with effect from 14 November 2018.
Clarksons Platou Securities AS, Danske Bank Norwegian branch, DNB Markets, a part of DNB Bank ASA, Fearnley Securities AS, Nordea Bank Abp. Filial Norge, Pareto Securities AS, Swedbank Norge, branch of Swedbank AB (Publ.) in cooperation with Kepler Cheuvreux and Skandinaviska Enskilda Banken AB (publ.) (Oslo Branch) acted as managers in the private placement.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/14112018/avenir-lng-private-placement-complete/