d’Amico Collects USD 48 Mn from Equity Issue

FinanceIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Italian tanker shipping company d’Amico International Shipping (DIS) has unveiled that around 97.3 percent of its preferential subscription rights were exercised.

The company collected EUR 42.8 million (USD 48.3 million) of net proceeds through the transaction.

During the preferential subscription rights’ exercise period, which started on March 25, 2019 and ended on April 16, 2019, around 628.39 million preferential subscription rights were exercised, according to d’Amico.

Given the ratio of 10 new shares for 11 preferential subscription rights, the company said it would issue 571.26 million of new shares, which will trade on the Mercato Telematico Azionario.

Additionally, any remaining shares not exercised during the period are to be placed through a private placement ending on May 17, 2019.

“We are pleased with the very high participation in our rights issue, with over 97% of the preferential subscription rights subscribed. We are confident that we are finally close to a strong market recovery, driven also by the pent-up demand for our vessels deriving from IMO 2020,” Paolo d’Amico, d’Amico International Shipping’s Chief Executive Officer, said.

“The capital raised will allow us to strengthen our balance sheet, positioning us favorably to benefit from the expected increase in freight rates. From 2020, DIS’ lower investment needs and debt repayments should also contribute to a deleveraging of our balance sheet and to the generation of substantial free cash flow for our shareholders.”

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >