Skip to main content

Team Tankers International Ltd.: Proposal to delist from the Oslo Stock Exchange

Written by Customer Service on . Posted in Public Companies.

The board of Team Tankers International Ltd. (the “Board”) has decided to call for a Special General Meeting (“SGM”) to be held on July 13, 2020 in Hamilton, Bermuda for the purpose of considering a proposal to delist the Company’s common shares from the Oslo Stock Exchange (“OSE”) and to authorise any director or officer of the Company to take all actions in relation thereto.
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 and that such matters are not offset by the benefits of the listing.The Board has received indications of support to delist from the OSE from shareholders representing more than 90% of outstanding shares of the Company, and therefore expects that the proposal will be approved at the SGM. Provided that the proposal is approved at the SGM, an application for delisting will be submitted to OSE as soon as possible. The Company’s shareholders and the market will be informed of the process, including when such an application is sent to OSE, as well as of the expected date of the implementation of the delisting of the shares, after the OSE has considered such an application, and possibly given its consent.The Company will not initiate a voluntary tender offer, as only a few months ago it concluded a share repurchase program and with the current uncertainty surrounding the covid-19 pandemic it is important for the Company to maintain a high level of liquidity. The Board instead asks that any shareholder that does not wish to remain a shareholder of the Company following the delisting and is not able to sell its shares prior to the delisting, to contact the Company by email to investorrelations@teamtankers.com.The Board has decided to send out the notice for the SGM well in advance, with longer notice period than required by the bye-laws of the Company, to ensure that shareholders that do not wish to remain shareholders of the Company following a delisting have a longer period in which to sell their shares and/or to vote on the proposal at the SGM.  The Board of DirectorsTeam Tankers International Ltd.Hamilton, Bermuda  Questions should be directed to: Hans Feringa: President and CEOT: +1 203 341 3600 Jens Gisle Schnelle: CFO
T: +1 203 341 3600
About Team Tankers International Ltd.Team Tankers International Ltd. is a leading tanker company committed to providing safe, reliable and incident free transport services to our worldwide customer base. The Company transports a wide variety of cargoes including organic chemicals, non-organic chemicals, petroleum products, vegetable oils and lube oils. Team Tankers International Ltd. is listed on the Oslo Stock Exchange (OSE: TEAM). 
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.