Epic Gas hopes to raise up to $60m by mid-May through a fully underwritten share issue — the majority of which will be snapped up by BW Group.
A total of 36,144,578 new shares with a nominal value of $0.01 will be printed in the issue, which was agreed by the Epic's board on Thursday.
BW Group will subscribe to 82.5% of the share and will underwrite the remaining part of the share issue, Epic said in a release.
The Andreas Sohmen-Pao-led group launched a takeover offer for Epic on 19 March and consequently owns 82.6% of the outstanding shares in its fellow Singaporean LPG owner.
Epic's subscription price for the issue is set at $1.66 per offer share, but shareholders may choose to settle the price at the equivalent in NOK just before the subscription period ends.
The subscription period will commence when markets open in Oslo on 30 April and will expire at the close of business 13 May.
