Hamilton, Bermuda. December 10, 2024
Avance Gas Holding Ltd. («Avance Gas» or «Company») (OSE: AGAS) refers to the announcement on August 15, 2024, regarding the sale of its VLGC fleet to BW LPG Ltd ("BW LPG" or "Buyer") for $1,050 million.
Today Avance Gas announces the ninth VLGC delivery, the 2015-built scrubber-fitted vessel, Mistral. In connection with the delivery, 1.35 million shares in BW LPG were issued by the Buyer to Avance Gas. Additionally, the Company also received net cash proceeds of approximately $20.5 million. Following the delivery, Avance Gas owns 14.441 million shares in BW LPG corresponding to a 9.35% ownership share. These consideration shares have a lock-up period of 40 days from the issuance date as previously announced.
The three remaining vessels are scheduled for delivery to BW LPG later in December 2024. Avance Gas will issue press releases in connection with the remaining deliveries.
For further queries, please contact:
Media contact: Øystein Kalleklev, CEO Tel: +47 23 11 40 00
Investor and Analyst contact: Randi Navdal Bekkelund, CFO Tel: +47 23 11 40 00
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
