Update: Team Tankers Gets Green Light to List on Oslo Børs
The Board of Directors of Oslo Børs has decided to admit shares in Team Tankers International Ltd to list on the stock exchange.
Team Tankers, a company established by Eitzen Chemical, with the sole purpose of moving its operations to Bermuda, applied for listing of its shares on Oslo Børs, alternatively Oslo Axess, in January. Oslo Børs agreed to exempt the company from the requirement that a listed company must have been in existence for at least three years as the company’s business has been in existence, but has been carried out by different legal entities.
The stock exchange stipulated that the company prior to the first day of listing must satisfy the requirement for the number of shareholders and must, prior to the first day of listing, hold a board election as specified in the company’s application for listing.
In addition, Oslo Børs stipulated that the company must carry out the proposed share exchange offer in connection with redomiciling the company to Bermuda, and therefore continue the business operated by the Eitzen Chemical ASA group.
Last week Eitzen Chemical sent out a letter to its shareholders with a recommendation from the Board to accept the exchange offer from TTI for the company’s move to Bermuda.
The offer envisages an exchange of three Eitzen shares for one share in TTI in line with the Oslo Stock Exchange requirements for a stock price of at least NOK 10 per share.
If the requirement for the number of shareholders is not met, the company will be accepted for listing on Oslo Axess, provided that the listing requirements on Oslo Axess are satisfied.
The Board authorised the Chief Executive Officer of Oslo Børs to determine the date of the first day of listing, which is to be no later than on 10 April 2015.
Team Tankers International is expected to be listed on or about 9 March 2015, Eizen said.