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Slide #93. Nordic American Tankers Ltd. — Scandic American Shipping Ltd.
Nordic American Tankers Ltd. (NYSE:NAT)
Scandic American Shipping Ltd.
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 focused on acquiring and chartering double-hull Suezmax tankers.
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Strong Buy (4.00 out of 4)