Philadelphia, November 10, 2014 - Aker Philadelphia Shipyard ASA (Oslo Børs: AKPS) today commences an open market partial tender offer ("Offer") for up to 250.000 shares in AKPS. The Offer is part of the buy-back programme announced by AKPS on July 17, 2014.
The Offer is being made at NOK 125 per share. AKPS has retained Pareto Securities as arranger to advise on and effect the Offer. The acceptance period commences immediately and will close at 17:00 CET November 10, 2014. Allocation will follow before 09:00 CET November 11, 2014. The trade date will be November 11, 2014 and settlement will take place on November 13, 2014. AKPS reserves the right to extend the acceptance period, increase the price and amend the size of the Offer.
In the event that the total number of received acceptances exceeds 250.000 shares (or the increased amount of shares AKPS should wish to purchase), AKPS will determine criteria for the allocation of the acceptances in accordance with the best interest of the Company and the equal treatment of the shareholders.
AKPS holds a total of 185,203 own shares before the Offer, constituting approximately 1.47% of the Company's shares and votes.
Shareholders who potentially wish to sell their shares should call Pareto Securities broker desk on +47 22 87 87 50.
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Aker Philadelphia Shipyard is a leading U.S. commercial shipyard constructing vessels for operation in the Jones Act market. It possesses a state-of-the-art shipbuilding facility and has earned a reputation as the preferred provider of oceangoing merchant vessels with a track record of delivering quality ships. Aker Philadelphia Shipyard is listed on the Oslo Stock Exchange and is majority-owned by Converto Capital Fund, which in turn is majority-owned by Aker ASA. Aker is a Norwegian industrial investment company that creates value through active ownership. Aker's investment portfolio is concentrated on key Norwegian industries that are international in scope: oil and gas, fisheries and biotechnology, and marine assets. Aker's industrial holdings comprise ownership interests in Aker Solutions, Kvaerner, Det norske oljeselskap, Aker BioMarine, Ocean Yield and Havfisk.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.