Dorian LPG Ltd. announced that it has
successfully concluded its previously announced agreement with Scorpio
Tankers Inc. 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 2 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
.
Post to be found at:http://www.maritime-executive.com/article/Dorian-LPG-Completes-Acquisition-of-Scorpio-Tankers-VLGC-Fleet-2013-11-27/
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