BW Group has purchased 38,548,329 shares in Epic Gas from key shareholders of Epic Gas representing 54.7% of the issued shares, and launches its unconditional tender offer to acquire the remaining shares for a per share consideration equal to the sum of:
(i) USD 1.60, plus
(ii) an additional consideration equal to USD 3,500,000 divided by the total number of shares acquired under the Offer and the Share Purchase, provided that the additional consideration will in no event be higher than USD 0.10 per share.
The shareholders of Epic Gas may accept the Offer in the period from and including today, 19 March 2019, to and including 12 April 2019 at 16:30 hours (CET). BW Group may at its sole discretion extend the offer period (one or more times), but the offer period will in no event be extended by more than four weeks. Settlement of the Offer is expected to be made no later than three business days following expiry of the offer period.
Subject to the final level of acceptances after the expiry of the offer period, BW Group intends for Epic Gas to maintain its listing on Merkur Market and welcomes shareholders who would like to continue to hold shares in the company.
Andreas Sohmen-Pao, Chairman of BW Group says, “BW Group is pleased to acquire this shareholding in Epic Gas with its strong operational platform and quality fleet. The transaction represents an opportunity to acquire a well-managed company, led by Charles Maltby, and we look forward to working together to achieve successful growth in the service of our customers”.
Epic Gas is the largest commercial operator and second largest owner of small pressurized LPG carriers. It has a fleet of 39 vessels ranging from 3,500 to 11,000 cbm that typically serves the short-haul or regional LPG and chemicals trade.
Source: BW Group