BW Group Limited (“BW Group”) has retained Skandinaviska Enskilda Banken AB (publ) Oslo Branch as manager and bookrunner (the “Manager“) to explore the sale of up to 7,000,000 common shares in BW LPG Limited (“BWLPG.OL”, or “BW LPG“, or the “Company“) through an accelerated bookbuilding process (the “Placement“), reads company’s press release.
Outstanding shares in BWLPG
The Placement represents up to approximately 5% of the outstanding shares in BWLPG, and assuming all shares offered in the Placement are sold, BW Group will hold 59,764,262 shares equal to approximately 42% of the shares in the Company following the transaction.
The Placement will be conducted by way of an accelerated bookbuild offering to institutional and other professional investors only.
The minimum order and allocation has been set to the number of shares that equals an aggregate purchase price of the NOK equivalent of EUR 100,000.
BW Group: Long-term shareholder
BW Group has increased its shareholding in BW LPG over the past 18 months. The purpose of the Placement is to return free float to the market and increase the liquidity in the BW LPG share.
BW Group will remain as a large and long-term shareholder in BW LPG with a 42% position and is very positive about the LPG market fundamentals.
BW Group have undertaken to not make any additional sales of shares held in BW LPG after the Placement for a period of 60 days.
Bookbuilding process
The bookbuilding commenced on Monday 14 October 2019, at 16:30 CET, and closed on 15 October 2019, at 08:00 CET. The transaction was priced and allocated before the opening of Oslo Stock Exchange on 15 October 2019.
BW Group reserve the right, at its own discretion, to reduce the number of offered shares or to sell no shares at all, depending on the price and demand for shares in the bookbuilding.
BW Group is represented on the Board of Directors of BW LPG.
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Source: BW LPG
