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Euronav: Capital Increase for Maersk VLCC Fleet Acquisition Approved

February 25, 2014

Euronav said that the meeting of shareholders has approved a USD 300,000,000 capital increase against issuance of 32,841,528 new shares for Maersk VLCC fleet acquisition.

 Capital Increase for Maersk VLCC Fleet Acquisition Approved

That results in the following overview:

Before Current
Total subscribed capital (USD) $94,388,158.23 $130,084,009.11
Total  number  of  ordinary  shares  in  issue
(with voting rights)*		 86,840,658 119,682,186
Total  number  of  outstanding  convertible
bonds maturing 2015		 250 250
Total  number  of  outstanding  convertible
bonds maturing 2018		 57 57
Total  number  of  outstanding  perpetual
convertible preferred security		 30 30

* of which 1,750,000 shares are treasury shares

All other points on the agenda of the shareholders’ meeting were also approved.

Following the USD 50 million capital increase that took place on 13 January 2014 as well as the issue of a USD 235 million 7-year bond and the signing of a commitment letter for a USD 500 million senior secured credit facility earlier this month, this approval is the last step required for the full financing of the acquisition of the Maersk Tankers fleet.

The company further reports that on 20 February 2014 it has successfully taken delivery of the first vessel from Maersk: The Nautilus.

Euronav, February 25, 2014