HAMILTON, Bermuda, Nov. 2, 2015 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore" or the "Company") today announced that GA Holdings LLC (the "Selling Shareholder") intends to offer for sale in an underwritten public offering 4,000,000 shares of the Company's common stock. The Selling Shareholder expects to grant the underwriters a 30-day option to purchase up to an additional 600,000 shares of common stock. The shares to be sold by the Selling Shareholder, excluding shares subject to the option, represent approximately 49% of the shares held by the Selling Shareholder. The Company is not selling any shares and will not receive any proceeds from the proposed offering.
Ardmore's common stock is listed on the New York Stock Exchange under the symbol "ASC".
Morgan Stanley & Co. LLC and Clarksons Platou Securities AS will act as the underwriters for the offering.
When available, copies of the prospectus supplement and accompanying base prospectus related to the offering may be obtained from Morgan Stanley, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014-4606; and Clarksons Platou Securities AS, Attn: Hilde Neergaard, Munkedamsveien 62C, 0270 Oslo, Norway.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. The proposed offering of these shares of common stock is being made only by means of one or more prospectus supplements and a related prospectus.
About Ardmore Shipping Corporation
Ardmore owns and operates a fleet of mid-size product and chemical tankers ranging from approximately 17,600 Dwt to 50,000 Dwt. Ardmore provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies, with its modern, fuel-efficient fleet of tankers.
Ardmore's core strategy is to develop a modern, high-quality fleet of product and chemical tankers, build key long-term commercial relationships, maintain its cost advantage in assets, operations and overhead, while creating significant synergies and economies of scale as the Company grows. Ardmore provides its services to customers through voyage charters, commercial pools and time charters and enjoys close working relationships with key commercial and technical management partners. Ardmore views the continued development of these relationships as crucial to its long-term success.
Forward Looking Statements
The statements in this news release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. These risks and uncertainties include, but are not limited to, those discussed in Ardmore's public filings with the U.S. Securities and Exchange Commission. Ardmore undertakes no obligation to revise or update any forward-looking statements unless required to do so under the securities laws.
Investor Relations Enquiries:
Mr. Leon Berman The IGB Group 45 Broadway, Suite 1150 New York, NY 10006 Tel: 212-477-8438 Fax: 212-477-8636 Email: email@example.com
Mr. Bryan Degnan The IGB Group 45 Broadway, Suite 1150 New York, NY 10006 Tel: 646-673-9701 Fax: 212-477-8636 Email: firstname.lastname@example.org
SOURCE Ardmore Shipping Corporation