The board of Team Tankers International Ltd. has decided to call for a Special General Meeting to be held on July 13, 2020 in Hamilton, Bermuda for the purpose of considering a proposal to delist the Company’s common shares from the Oslo Stock Exchange and to authorise any director or officer of the Company to take all actions in relation thereto.
The Board has concluded that the Company’s shares are no longer considered suitable for continued listing, and there are limited benefits in continuing with the listing on the OSE due to lack of trading volumes, few and concentrated shareholders, the low share price, costs, and challenges of a publicly quoted market price on the Company’s M&A and S&P efforts and that such matters are not offset by the benefits of the listing.
The Board has received indications of support to delist from the OSE from shareholders representing more than 90% of outstanding shares of the Company, and therefore expects that the proposal will be approved at the SGM. Provided that the proposal is approved at the SGM, an application for delisting will be submitted to OSE as soon as possible. The Company's shareholders and the market will be informed of the process, including when such an application is sent to OSE, as well as of the expected date of the implementation of the delisting of the shares, after the OSE has considered such an application, and possibly given its consent.
The Company will not initiate a voluntary tender offer, as only a few months ago it concluded a share repurchase program and with the current uncertainty surrounding the covid-19 pandemic it is important for the Company to maintain a high level of liquidity. The Board instead asks that any shareholder that does not wish to remain a shareholder of the Company following the delisting and is not able to sell its shares prior to the delisting, to contact the Company by email to email@example.com.
The Board has decided to send out the notice for the SGM well in advance, with longer notice period than required by the bye-laws of the Company, to ensure that shareholders that do not wish to remain shareholders of the Company following a delisting have a longer period in which to sell their shares and/or to vote on the proposal at the SGM.