The Board stipulated that, prior to the first day of listing, the company must satisfy the requirement for the number of shareholders as specified in Section 2.4.2 of the Oslo Børs Listing Rules and have at least 25% spread of share ownership among the general public, as specified in section 2.4.1 of the Oslo Børs Listing Rules.
The Board authorised the Chief Executive Officer of Oslo Børs to fix the date of the first day of listing, which is to be no later than 6 December 2013.
About Western Bulk:
Western Bulk ASA is headquartered in Oslo. The company employs approximately 100 people and has commercial offices in Oslo, Singapore, Seattle, Santiago and Monaco. The Kistefos Group currently owns 96.5% of the shares in Western Bulk ASA and is basically owned by Mr. Christen Sveaas.
Western Bulk consists of two divisions; Western Bulk Chartering and Western Bulk Shipholding. Western Bulk Chartering is an asset light and trading oriented margin business, matching cargo with vessels under all market conditions. This business has a highly sophisticated risk control system and is accompanied by extensive use of freight and oil derivatives for hedging purposes. Western Bulk Shipholding has a trading oriented asset exposure, mainly through a chartered fleet with purchase options.