Dorian LPG Ltd. Announces Closing of Private Placement of Shares and Start of
Trading on the NOTC
STAMFORD, Connecticut, July 30, 2013
STAMFORD, Connecticut, July 30, 2013 /PRNewswire/ -- Dorian LPG Ltd. ("Dorian
LPG") is pleased to announce that it has successfully closed the private
placement of 68.8 million shares at US $2.44/share raising approximately US
$168 million. Arctic Securities ASA, Pareto Securities AS and Fearnley
Securities AS acted as joint lead managers of the placement. The shares were
admitted for trading on the OSLO OTC market on Tuesday, July 30, 2013, under
the ticker DORIAN. Additionally, in the upcoming months, Dorian LPG intends to
seek a listing of its shares on the Oslo Stock Exchange. The private placement
was placed with international and Norwegian institutional investors. Following
the closing of the private placement, Dorian Holdings LLC and SEACOR Holdings
Inc. (NYSE:CKH) ("SEACOR"), who combined committed 32.4% of the private
placement will together have a 50.1% stake of the total 93,221,621 shares
(Logo: http://photos.prnewswire.com/prnh/20130730/NY55929LOGO )
Commenting on the closing of the private placement, Dorian LPG Chairman Mr.
John Hadjipateras stated, "The equity issue was well received among
high-quality institutional investors. With a good operational track record and
modern ships on the water, as well as Eco-newbuildings and with the support of
a solid shareholder base, Dorian LPG is well positioned to benefit from the
anticipated strong growth in demand for LPG shipping."
Dorian LPG is a pure-play LPG shipping company, combining the LPG shipping
activities of Dorian (Hellas) S.A. ("Dorian") and SEACOR, and is set to be a
leading owner and operator of modern fuel-efficient Very Large Gas Carriers
("VLGCs"). Dorian LPG owns and operates three modern VLGCs and one pressurized
LPG vessel. In addition, Dorian LPG has ordered three fuel-efficient VLGC
newbuildings from Hyundai Heavy Industries Co., Ltd. with deliveries in July
and August 2014 and January 2015. Dorian LPG also holds fixed price options
for an additional four VLGCs, giving the company opportunity for advantageous
growth. Dorian LPG has offices in Connecticut, USA; London, United Kingdom and
For additional information, contact:
Marina Hadjipateras; Investor Relations: Tel.: +1 (203) 978-1234 / Mob.:
Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides safe
harbor protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
Forward-looking statements include statements concerning plans, objectives,
goals, strategies, future events or performance, and underlying assumptions
and other statements, which are other than statements of historical facts. The
Company desires to take advantage of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The words
"believe," "anticipate," "intends," "estimate," "forecast," "feel, "
"project," "plan," "potential," "may," "should," "expect," "pending" and
similar expressions identify forward-looking statements.
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