Result of Subsequent Offering - American Shipping Company

Result of Subsequent Offering

AMSC: RESULT OF SUBSEQUENT OFFERING


January 15, 2014
 

Reference is made to the stock exchange notice of January 5, 2014 by American Shipping Company ASA (OSE trading symbol: AMSC) (the "Company") in respect of its subsequent offering of up to 3,675,000 new shares in the Company for gross  proceeds of up to approximately NOK 110.3 million (or approximately USD 17.8 million) (the " Subsequent Offering").


Final counting shows that there have been exercised subscription rights for 2,541,013 new shares in the Subsequent Offering.


Allocation  letters  will  today be  sent  to  subscribers who have been allocated new shares, giving  notification  of  the  allocated  new  shares  and  the corresponding subscription amount to be paid by each subscriber. Payment for the allocated  shares falls due on January 20, 2014 in accordance with the payment procedures described in the Company's prospectus dated January 3, 2014.
Subject to full payment being received, the share capital increase relating to the Subsequent Offering is expected to be registered with the Norwegian Register of Business Enterprises on January 21, 2014, following which the new shares are expected to be delivered to the investors' VPS accounts on or about January 21, 2014.


The new shares issued through the Subsequent Offering will assume ISIN NO 001 0272065 with the Norwegian  Central Securities  Depositary (Nw.  Verdipapirsentralen) (the "VPS") and be traded on Oslo Børs under the Company's trading  symbol "AMSC". This is expected to occur on or about January 22, 2014.


Arctic Securities and Pareto Securities have acted as joint lead managers in the Subsequent Offering.
 

***


About American Shipping Company ASA:
AMSC is a shipowning company with ten modern handy size product tankers on long term bareboat charter with  Overseas Shipholding Group  (OSG). OSG charters the vessels  out on time charters to major oil companies in the U.S. coastwise Jones Act  trade.  AMSC has a significant contract backlog as well as a profit sharing agreement  with OSG which offers visibility  with respect to future earnings and potential  dividend capacity. The Company has  an ambition to pay attractive and growing dividends to its shareholders.