Hamilton, Bermuda, March 31, 2015 (GLOBE NEWSWIRE) -- Knightsbridge Shipping Limited ("Knightsbridge") has completed its previously announced merger with Golden Ocean Group Limited ("Old Golden Ocean").
In connection with the closing of the merger, Knightsbridge will change its name to Golden Ocean Group Limited. Trading in the shares of the combined company will commence on the Oslo Stock Exchange on April 1, 2015. The combined company will trade on the Oslo Stock Exchange under the ticker code "VLCCF" on April 1, 2015. Commencing on April 7, 2015, the combined company will trade on the Oslo Stock Exchange under the ticker code "GOGL". The combined company will begin trading under its new name and ticker symbol "GOGL" on the Nasdaq Global Select Market on April 1, 2015.
Trading in the combined company's shares on the Oslo Stock Exchange will begin before delivery of merger consideration shares to VPS accounts of eligible Old Golden Ocean shareholders, and accordingly no account-to-account transactions and no transactions with settlement prior to April 8, 2015 will be allowed on the Oslo Stock Exchange during this period.
Prior to completion of the merger, Knightsbridge had 111,231,678 common shares outstanding, par value $ 0.01 per share. Following completion of the merger and the cancellation of 51,498 common shares pursuant to the terms of the merger agreement, the combined company has 172,680,180 common shares outstanding. The amount of issued and outstanding common shares of the combined company will be adjusted during the week of April 7, 2015 to account for the cash in lieu of fractional shares to be distributed as merger consideration.
Matters discussed in this press release may constitute forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. Words, such as, but not limited to "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions. Although Knightsbridge believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the control of Knightsbridge, Knightsbridge cannot assure you that they, or the combined company resulting from the merger, will achieve or accomplish these expectations, beliefs or projections. The information set forth herein speaks only as of the date hereof, and Knightsbridge disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Inger Marie Klemp (CFO), +47 23 11 40 00
Source:Knightsbridge Tankers Limited