SAS Shipping Agencies Services Sàrl has successfully cleared regulatory hurdles in Ukraine, Portugal, and Japan for its acquisition of Gram Car Carriers ASA (GCC), marking a significant step towards finalizing the takeover.
The cash consideration is NOK 263.69 per Share, as further set out in the offer document dated 23 May 2024 (the Offer Document), and the stock exchange announcement on 1 July 2024 regarding the final result of the Offer.
The Offeror has received regulatory approvals from the relevant authorities in Ukraine, Portugal and Japan. Consequently, the closing condition relating to “Regulatory Approvals” has been satisfied. The closing condition relating to “Minimum Acceptance” has, as previously announced, also been satisfied.
Settlement of the Offer will take place no later than on 25 July 2024, being two weeks after the Settlement Announcement, subject to the remaining closing conditions remaining fulfilled or having been waived by the Offeror.
Following completion of the Offer, the Offeror intends to carry out a compulsory acquisition of the remaining Shares. Following the compulsory acquisition, the Offeror will pursue a delisting of the Shares from the Oslo Stock Exchange.
A separate stock exchange announcement will be published regarding the timing of the delisting. Furthermore, the Company will, following the completion of the Offer, resolve to withdraw the Shares from trading on the OTCQX® Best Market, New York, where the Shares currently are trading under the ticker “GCCRF”. A separate stock exchange announcement will be published regarding the timing of the withdrawal.
