Golden Ocean shareholders approve increase in share capital

Golden Ocean shareholders approve increase in share capital

Golden Ocean shareholders have voted to increase the company’s authorised share capital to $6m, divided into 600,000,000 common shares with a par value of $0.01 each.

The additional equity has been authorised to give Golden Ocean sufficient share capital to issue the new shares it sold in a private placement on the Oslo Børs last week.

The Fredriksen-led company raised gross proceeds of NOK 1,718m ($200m) through the private placement of some 343,684,000 new shares, which were sold at a price of NOK 5.00 per share.

Now that the new shares have been validly issued, the company’s issued share capital has been increased to $5,163,596.37, divided into 516,359,637 issued shares, each with a nominal value of $0.01.

Golden Ocean is planning to offer another 34,368,400 new shares at a price of NOK 5.00 per share to raise additional gross proceeds of up to NOK 171.8m ($20m).

The equity issue is part of the company’s efforts to strengthen its balance sheet while dry cargo freight rates remain depressed. The company has also amended all its bank loan facilities and further delayed newbuilding deliveries.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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