Avance Gas Holding Ltd Announces Intention to Conduct an Initial Public Offering (IPO) and List on the Oslo Stock Exchange
March 12, 2014 - London
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Bermuda, 12 March 2014 - Avance Gas Holding Ltd ("Avance Gas"; NOTC: AGHL) announced today its intention to conduct an initial public offering ("IPO") and listing of Avance Gas on the Oslo Stock Exchange. Subject to receiving the relevant corporate and regulatory approvals from the Oslo Stock Exchange as well as prevailing market conditions, the IPO is expected to price in April 2014.
Avance Gas was established in 2007 by Stolt-Nielsen Limited to participate in the fast growing LPG market. Since incorporation, the Company has grown its fleet through partnerships with Sungas Holdings Ltd. and Frontline 2012 Ltd., and through purchases of second-hand ships. Today, the fleet consists of six VLGC, with eight further newbuildings on order. Avance Gas is one of the leading VLGC owners and operators with established customer relationships with oil and gas majors as well as leading LPG importers and traders.
"The board of Avance Gas sees strong opportunities within the LPG shipping segment and we believe the Company will benefit from a listing on the Oslo Stock Exchange as a platform for further growth. As part of the IPO, Avance Gas will raise new capital to pursue consolidation opportunities, and in addition, the three major shareholders are considering selling shares in order to facilitate sufficient share liquidity", says Niels G. Stolt-Nielsen, chairman of Avance Gas Holding Ltd.
Skandinaviska Enskilda Banken (SEB) has been retained as Global Coordinator. DNB Markets, Pareto Securities and SEB have been appointed as Joint Bookrunners. Danske Bank, Nordea Markets and Swedbank have been retained as Co-Managers.
Further announcements relating to the potential IPO will be made in due course.
For further communications, please contact:
Christian Andersen, President, Tel: +47 22 00 48 05 / email@example.com
Peder C. G. Simonsen, Chief Financial Officer, Tel: +47 22 80 75 72 / firstname.lastname@example.org
About Avance Gas Holding Ltd
Avance Gas Holding Ltd operates in the global market for transportation of liquefied petroleum gas (LPG). The company is one of the world's leading very large gas carriers (VLGC) shipowners and operators, and operates a fleet of six modern VLGCs and has a newbuilding program of eight VLGCs. Avance Gas is registered on the Norwegian OTC market with the ticker symbol "AGHL".
For more information about Avance Gas, please visit: www.avancegas.com
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Stolt-Nielsen Limited via Globenewswire