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Restricted period for Songa Bulk’s consideration shares to end

Published by , Assistant Editor
Dry Bulk,

On 6 July 2018, the Star Bulk Carriers Corp. acquired all of Songa Bulk ASA’s vessels against a consideration of 13 725 000 common shares of Star Bulk (the consideration shares) and US$144.55 million in cash.

The consideration shares were issued in VPS subject to a restriction from trading in the US, including through the Nasdaq Global Select Market, for a period of six months (the restricted period) following the distribution of the consideration shares to the shareholders of Songa Bulk ASA unless such shares were sold pursuant to a transaction exempt from, or not subject to, registration under the Securities Act of 1933, as amended.

The company is in the final process of having the restriction removed from the VPS, and anticipates that the restricted period will be ended on or about 23 January 2019, following which investors may execute transfers between the DTCC, the CSD in USA and VPS, the CSD in Norway as of and from the same date.

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