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Slide #93. Nordic American Tankers Ltd. — Scandic American Shipping Ltd.
Acquirer:
Nordic American Tankers Ltd. (NYSE:NAT)
Acquiree:
Scandic American Shipping Ltd.
Details:
On December 17, 2012 NAT (NYSE: NAT) announced that it had acquired 100% of the shares of Scandic American Shipping Ltd. ("Scandic"), its management company since 2004. This transaction has now been completed. The Company acquired Scandic from a company controlled by Herbjrn Hansson, NAT's Chairman and CEO, and his closest family. As part of the consideration payable to the seller, the Company issued an aggregate of 1,910,112 common shares of the Company, which are subject to a one-year lock up agreement. Following this transaction, Mr. Hansson and members of his family own about 5.6% or 3.1 million shares of the Company's outstanding shares.
Nordic American Tankers is an international tanker company that has Suezmax tankers. The active fleet that Co. operated have the same freight capacity and ability to transport the same type of cargo. The vessels are primarily employed in the spot market, together with one vessel on a longer term time charter agreement. Co.'s vessels include Nordic Freedom, Nordic Moon, Nordic Apollo, Nordic Cosmos, Nordic Grace, Nordic Mistral, Nordic Passat, Nordic Vega, Nordic Breeze, Nordic Zenith, Nordic Sprinter, Nordic Skier, Nordic Light, Nordic Cross, Nordic Luna, Nordic Castor, Nordic Pollux, Nordic Star, Nordic Space, Nordic Aquarius, Nordic Cygnus, Nordic Tellus and Newbuilding.
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Strong Buy (3.50 out of 4) 57th percentile
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