Company Announcement 1/2023
March 22, 2023
NORDIC SHIPHOLDING A/S
Company Announcement: 01/2023
Published via NASDAQ OMX on March 22, 2023
2022 Annual Report
The decision has been taken to solvently liquidate the Company and the Group in December 2022 subsequent to disposal of the remaining vessels, Nordic Anne, Nordic Agnetha and Nordic Amy, to their new owners in February 2022, March 2022 and April 2022, respectively. The Group’s and the Company’s results are affected by the disposal of the remaining activities and the ongoing liquidation.
Please refer to Interim Report H1 2022 announced on 24 August 2022 for the discussion on the prior activities of the Company. In H2 2022, the financial result was affected by administration costs and adjustments related to the prior activities of the Group.
With the commitment and continual support from the majority shareholder of Nordic Shipholding A/S, Nordic Maritime S.à r.l., the Board of Directors called for an Extraordinary General Meeting (‘EGM’) on 23 December 2022 to initiate a voluntary solvent liquidation of the Company. No distribution of funds to the shareholders is anticipated upon completion of the liquidation.
To enable the liquidation to be solvent, the majority shareholder has agreed to waive the necessary part of its loan to the Group. It is expected that the aggregate cash balance of Nordic Shipholding A/S and its subsidiaries is sufficient to cover the estimated liquidation expenses and settlement of all creditors other than the main shareholder loan. Any excess funds will be used to repay the shareholder loan whereafter it has been agreed with the majority shareholder to waive the remaining debt at that point in time. It is expected that the liquidation will be finalised by the end of 2023.
As a consequence of the resolution passed during the EGM on 23 December 2022 to liquidate the Company by voluntary solvent liquidation, the Board of Directors and the Executive Board resigned, the Company’s name was changed to “Nordic Shipholding A/S in liquidation”, and the Company’s signature rule was changed to “The Company shall be bound by the signature of the liquidator”. In addition, Miss Louise Celia Korpela, Gorrissen Federspiel Advokatpartnerselskab, was appointed as liquidator.
So far, the liquidation is proceeding as planned.
With reference to the limited activities of the Company and the cost involved, it has been decided not to prepare and publish quarterly reports for 2023.
For further information please contact:
Miss Louise Celia Korpela, the Liquidator of Nordic Shipholding A/S in liquidation: +45 39 29 10 00
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