FRONTIER SILVER

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Havila Shipping Sells AHTS POSH VIRTUE

Norway-based Havila Shipping ASA has entered into agreements for sale of the AHTS vessels POSH VIBRANT and POSH VIRTUE. The vessels are expected delivered to new owner during first part of November. Following the sale it is expected that the lenders and Havila Holding AS will exercise warrants through debt conversions into new shares corresponding to agreements decided by the General Meeting on 4th January 2017. It is expected that number of shares will increase by approximately 124,200,000 up to approximately 1,891,000,000 shares following the sale. The sale will have low impact on result and liquidity. The equity effect of the planned debt conversion was booked in the groups account through the restructuring on the 28th February 2017 and the sale will cause minor equity adjustments. Detailed message will be given as soon as the sale processes are finalized and warrant exercise notices have been received. Source : Marinelink