Extraordinary General Meeting of ADS Crude Carriers Plc

  • Category: Minutes

An Extraordinary General Meeting (EGM) of ADS Crude Carriers Plc (the “Company”) was held today at the Company’s office at OSM House, Limassol, Cyprus. The EGM resolved to approve all matters proposed in the EGM Notice dated 18 November 2020.

The minutes of the EGM are attached and further information regarding the two special resolutions passed in the EGM are given below.

Signed EGM Minutes (pdf)

Share premium repayment

The shareholders approved the USD 51 million reduction of the share premium account, which remains subject to regulatory approval by the District Court of Limassol, Cyprus. The Company will now proceed with the application for regulatory approval, the outcome of which is expected to be known during Q1 2021. Payment of the share premium reduction is expected to be to the holders of the ordinary shares of the Company registered in the Registry of the Euronext Growth Stock Exchange in Norway on the fifth trading day following the date of regulatory confirmation. The ex-date will be four trading days after the approval. Payment will be made in Norwegian Krone within ten banking days from such confirmation.

Company name change

The name of the Company has today been changed to ADS Maritime Holding Plc. The name change reflects the Company’s broader strategic remit going forward to evaluate further investment opportunities in the maritime sector. The Company will release an announcement once the name change has been registered in the Cyprus registrar of companies, which is expected around the end of December. As a result of the name change the Company will change its internet homepage to www.adsmh.com, which is expected to occur within a couple of days.

Back to news archive

Contacts

Terje Bodin Larsen, CEO
+47 905 35 543
tbl@ads.no

Dagfinn Andersen, CFO
+47 922 91 001
dagfinn.andersen@ads.no

Disclaimer:

Forward looking statements

The information included herein may contain forward looking statements. Forward looking statements include all statements that are not historical facts, including but not limited to statements expressing or implying the Company’s intent, belief or current expectations with respect to, among other things, forecasts, estimates, and predictions. Such forward looking statements necessarily involve risks and uncertainties and are dependent on assumptions, information, data or methods that may be incorrect or imprecise. Actual results could differ materially from expectations expressed in the forward-looking statements if one or more of the underlying assumptions or expectations proves to be inaccurate or is unrealized. Actual results may differ materially from those expected or projected in the forward-looking statements. The Company undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.