Nordic Maritime Takes Majority Stake in Nordic Shipholding A/S

In a major shareholder announcement Nordic Shipholding A/S informs that Nordic Maritime S.à r.l. has acquired a total of 308,791,660 shares  in Nordic Shipholding A/S and now directly holds 76.03 % of the share capital and voting rights in Nordic Shipholding A/S: summarised as follows:

Conversion of debt and share capital increase
As a consequence of the restructuring, Nordic Maritime and the Company’s lending banks have converted debt for a total amount of approximately USD 72.1 million into new shares and Nordic Maritime has contributed an additional USD 2 million in cash for new shares in the Company.

Changes in management
As announced earlier by Nordic Shipholding, board members Erik Bartnes, Mogens Buschard and Saravana Sivasankaran would resign their position as board members upon completion of the restructuring.

Consequently, the board of directors now consists of Knud Pontoppidan (chairman), Kristian V. Mørch, Anil Gorthy, Jon Lewis and Philip Clausius. Philip Clausius will further assume the position as CEO with effect from 2 January 2014 replacing current CEO Thomas Andersen.

About Nordic Maritime and PAG
Nordic Maritime is a wholly owned subsidiary of one of the funds managed by PAG.  PAG is one of the largest Asia-focused alternative investment managers with over USD 10 billion in funds under management.