NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (THE "UNITED STATES"), AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.
Hamilton, Bermuda, 23 April 2021. Reference is made to the stock exchange notice from Avance Gas Holding Ltd (the "Company", OSE ticker code "AGAS") on 8 April 2021 regarding the successful completion of the NOK 555 million private placement at a price of NOK 43 per share (the "Private Placement") and a conditional subsequent offering of up to 644,950 new common shares in the Company (the "Subsequent Offering").
Since the announcement of the successful completion of the Private Placement, the Company's shares have traded on the Oslo Stock Exchange, with significant trading volumes, at prices below the subscription price in the Private Placement of NOK 43 per share.
Accordingly, any shareholders wishing to neutralize the dilutive effect of the Private Placement have had the opportunity to purchase shares in the Company in the market, at prices below what would have been the subscription price in the Subsequent Offering.
The Company has therefore resolved to cancel the Subsequent Offering.
For further queries, please contact:
Randi Navdal Bekkelund, CFO
Tel: 47 22 00 48 29
Kristian Sørensen, CEO
Tel: +47 22 00 48 10
About Avance Gas
Avance Gas operates in the global market for transportation of liquefied petroleum gas (LPG). The Company is one of the world's leading owners and operators of very large gas carrier (VLGC) and operates a fleet of thirteen modern ships and four Dual Fuel LPG newbuildings due for delivery in Q4 2021, Q1 2022, Q4 2022 and Q1 2023. For more information about Avance Gas, please visit: www.avancegas.com.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act