Golden Ocean had been looking to make around NOK171.84m ($20m) from the sale of 34.37m new shares at NOK5 a piece. However, investors only came in for less than half of the allotted new shares. Golden Ocean reported that just 15m new shares were bought.
The subscription period for the subsequent offering of shares closed on Friday. Prior to that, the company had placed USD200 million worth of shares with institutional investors at the price that was used in the subsequent offering. Successful completion of the placement was a condition of the implementation of a company restructuring programme. As the targeted amount was raised, the terms of the restructuring programme have been met.
The purpose of the subsequent offering was to allow retail investors to participate in the equity issue of the company under the same terms that were offered to institutional investors.