BELSHIPS ASA – Preliminary results of the subsequent offering

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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREINOslo, 12 July 2019: Reference is made to the stock exchange announcement from Belships ASA ("Belships" or the "Company") dated 28 June 2019 regarding the subsequent offering and listing of up to 1,603,128 new shares, each with a nominal value of NOK 2.00 (the "Offer Shares") at a subscription price of NOK 7.00 per Offer Share (the "Subscription Price") to be carried out by Belships (the "Subsequent Offering"). 

The subscription period for the Subsequent Offering expired today, 12 July 2019, at 16:30 hours (CEST). The Company has received subscriptions for 558 291 Offer Shares from eligible shareholders in the Subsequent Offering.

The allocation of the Offer Shares will be resolved by the Company later today or tomorrow in accordance with the allocation criteria set out in the prospectus dated 27 June 2019. The final results of the Subsequent Offering will be published shortly thereafter, and letters regarding allocation of Offer Shares and the corresponding subscription amount to be paid by each eligible shareholder who has subscribed for Offer Shares in the Subsequent Offering, will be distributed on or about 15 July 2019.

For further details on the terms of the Subsequent Offering, please see the Prospectus.

Danske Bank, Norwegian Branch, DNB Markets, a part of DNB Bank ASA, and Pareto Securities AS are acting as Managers for the Subsequent Offering. Advokatfirmaet Thommessen AS is acting as legal counsel to the Company.

Important information: The release is not for publication or distribution, inwhole or in part directly or indirectly, in or into Australia, Canada, Japan orthe United States (including its territories and possessions, any state of theUnited States and the District of Columbia). This release is an announcementissued pursuant to legal information obligations, and is subject of thedisclosure requirements pursuant to section 5-12 of the Norwegian SecuritiesTrading Act. It is issued for information purposes only, and does not constituteor form part of any offer or solicitation to purchase or subscribe forsecurities, in the United States or in any other jurisdiction. The securitiesmentioned herein have not been, and will not be, registered under the UnitedStates Securities Act of 1933, as amended (the "US Securities Act"). Thesecurities may not be offered or sold in the United States except pursuant to anexemption from the registration requirements of the US Securities Act.

The Company does not intend to register any portion of the offering of thesecurities in the United States or to conduct a public offering of thesecurities in the United States. Copies of this announcement are not being madeand may not be distributed or sent into Australia, Canada, Japan or the UnitedStates.

The issue, subscription or purchase of shares in the Company is subject tospecific legal or regulatory restrictions in certain jurisdictions. Neither theCompany nor the Managers assume any responsibility in the event there is aviolation by any person of such restrictions. The distribution of this releasemay in certain jurisdictions be restricted by law. Persons into whose possessionthis release comes should inform themselves about and observe any suchrestrictions. Any failure to comply with these restrictions may constitute aviolation of the securities laws of any such jurisdiction.

The Managers are acting for the Company and no one else in connection with thePrivate Placement and will not be responsible to anyone other than the Companyproviding the protections afforded to their respective clients or for providingadvice in relation to the Private Placement and/or any other matter referred toin this release.

Forward-looking statements: This release and any materials distributed inconnection with this release may contain certain forward-looking statements. Bytheir nature, forward-looking statements involve risk and uncertainty becausethey reflect the Company's current expectations and assumptions as to futureevents and circumstances that may not prove accurate. A number of materialfactors could cause actual results and developments to differ materially fromthose expressed or implied by these forward-looking statements

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Globe Newswire: 16:40 GMT Friday 12th July 2019

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