Nordic Maritime Exercises Option to Subscribe Further Shares
In light of the development of Nordic Shipholding A/S's cash position, as announced by the company in company announcement no. 11/13 published on December 13, 2013, Nordic Maritime has informed the company that it will exercise the option granted to Nordic Maritime in the conditional restructuring agreement entered into between the company and Nordic Maritime on 22 November 2013, to subscribe further shares against a cash payment to the Company of $2 million at completion of the restructuring. Assuming a successful completion of the conditional restructuring agreement, the exercise of the option, will imply that following completion existing shareholders in the Company will hold approx. 9.6% of the shares, the company's lending banks approximately 14.4% and Nordic Maritime will hold approximately 76%.