Belships has put the wheels in motion for a private placement of new shares backed by company insiders.
The Oslo-listed bulk carrier owner aims to raise up to $15m through the issuance of around 18.6m new shares, which have been priced at NOK 7.00 each.
The application period for the private placement opens today after markets close in Oslo and will end at 08:00hrs on 29 May, a filing said on Tuesday.
Belships plans to use the placement's net proceeds "to grow accretively as a fully integrated shipowner and operator", which may include vessel acquisitions, as well as for working capital.
The private placement of new shares is directed towards Norwegian and international investors, Belships said.
Danske Bank, DNB Markets and Pareto Securities have been retained as joint lead managers and bookrunners for the offering.
The minimum subscription and allocation amount in the private placement will be the NOK equivalent of EUR 100,000, although Belships may allocate amounts below this level at its discretion.
Peter Frolich, chairman of Belships' board: 75,000 shares.
Jan Erik Sivertsen, CEO of Kontrari AS and Kontrazi AS: 50,000 shares.
Torinitamar AS, a company controlled by CEO Lars Christian Skarsgard: 35,000 shares. He now holds 414,900 shares plus 5,000,000 options.
Krino Invest AS, a company controlled by CFO Osvald Fossholm: 35,000 shares plus 33,000 options.
Jorunn Seglem, board member: 35,000 shares.
Birthe Cecilie Lepsoe, board member: 7,500 shares.
Belships said it will consider a subsequent repair offering aimed at its existing shareholders who were not allocated shares in the private placement.
It continues a rush of activity in the Oslo capital markets after Arne Fredly and 2020 Bulkers both secured additional capital in the past week. Epic Gas has also raised a significant slice of capital this year.
Insider commitments
Belships insiders have already committed to buying 237,500 of the offer shares, which is equivalent to around 1.2% of the new securities.
Peter Frolich, chairman of Belships' board has committed to buying 75,000 of the offer shares, while chief executive Lars Christian Skarsgard is buying 35,000 through his company Torinitamar.
Krino Invest, a company controlled by Belships' chief financial officer Osvald Fossholm, has taken 35,000 offer shares.
A tranche of 50,000 shares has been snapped up by Jan Erik Sivertsen, chief executive of Kontrari and Kontrazi, which is controlled by Frode Teigen.
Belships completed its merger with Teigen's Lighthouse in December 2018.
