The Board of Bermuda-based tanker owner Team Tankers International will hold a special general meeting on 13 July 2020 in Hamilton, Bermuda to consider a proposal to delist the company’s common shares from the Oslo Stock Exchange (OSE)
The Board has concluded that the company’s shares are no longer considered suitable for continued listing, and there are limited benefits in continuing with the listing on the OSE due to lack of trading volumes, few and concentrated shareholders, the low share price, costs, and challenges of a publicly quoted market price on the Company’s M&A and S&P efforts.
The company said the Board has received indications of support to delist from the OSE from shareholders representing more than 90% of shares of the company and it is expected that the proposal will be approved at the general meeting. If the proposal is approved, the company will submit an application of delisting to OSE, informing shareholders and the market when the application is sent to OSE and the expected delisting implementation date.
The company will not initiate a voluntary tender offer as it only concluded a share repurchase program in November 2019. In addition the company said the uncertain market conditions caused by Covid-19 pandemic means it is important to maintain a high level of liquidity.
The Board said it has decided to send out the notice of the special general meeting with a longer notice period than required by the company’s bye-laws to ensure that shareholders that wish to relinquish their shares following a delisting have a longer period in which to sell their shares and/or to vote on the proposal at the meeting.
Shareholders who wish to sell their shares but are unable to do so prior to the delisting are requested to contact Team Tankers by email.
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