Hamilton, Bermuda, July 14, 2016 (GLOBE NEWSWIRE) -- Golden Ocean Group Limited (the "Company"), hereby announces that the Board of Directors has resolved to carry out a 5-to-1 reverse share split of the Company's ordinary shares (the "Reverse Split").
Upon effectiveness of the Reverse Split, every five shares of the Company's issued and outstanding ordinary shares par value USD 0.01 per share will be automatically combined into one issued and outstanding ordinary share par value USD 0.05 per share. This will reduce the number of outstanding common shares from 529,728,928 to a maximum of 105,945,786 (depending on fractions). The effective date for the reverse share split, which means the first date the shares will be traded on a reverse share split basis on NASDAQ and the OSE, will be August 1, 2016.
No fractional shares will be issued in connection with the Reverse Split. The Company will purchase fractional shares for cancellation for a cash payment equal to the closing price per share for the Company's shares on the NASDAQ at the last trading day prior to the effective date for the reverse share split.
July 14, 2016
Golden Ocean Group Limited
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
CONTACT: Inger Marie Klemp (CFO), +47 23 11 40 00Source:Golden Ocean Group Limited