2020 Bulkers Clears Final Governance Hurdle for AHTS AS Takeover
Published on 09/30/2026 at 16:31 | Editorial boerse-global.de
Shareholders of 2020 Bulkers have signed off on a sweeping overhaul of the company's capital structure, removing the last formal obstacle before the shipping firm completes its acquisition of AHTS AS. The transaction is expected to close as soon as tomorrow, Thursday, according to the company's own timetable.
Nominal Value Slashed, Authorized Capital Expanded
At an extraordinary general meeting held Tuesday, investors approved a reduction in the par value of issued shares from USD 1.00 to USD 0.01 apiece. The same gathering backed an increase in authorized share capital to a total of 5,000,000,000 shares, each carrying a nominal value of USD 0.01 — equivalent to USD 50 million in aggregate.
Those resolutions hand 2020 Bulkers the corporate-law headroom it needs to issue new equity and reshape its capital base around the offshore ambitions now driving strategy.
A $175 Million Placement Already in the Bag
The vote follows hard on the heels of a heavily oversubscribed private placement that raised gross proceeds of USD 175 million. A total of 585,284,280 new shares were placed at an issue price of USD 0.299 each. Management has earmarked USD 100 million of the proceeds to refinance the vessels being acquired, with the remaining USD 75 million set aside for transaction costs, working capital and future M&A activity. The placement itself was conditional on the AHTS AS acquisition becoming effective.
Should investors sell immediately? Or is it worth buying 2020 Bulkers?
Company insiders took part in the raise. CFO Vidar Hasund was allocated 2,129,675 shares, lifting his holding to 2,174,675 once the deal completes. CEO Lars-Christian Svensen received 212,965 shares, bringing his total to 217,665.
Binding Contract Covers Up to 15 Vessels
Roughly a week ago, 2020 Bulkers unveiled plans to build an AHTS fleet of its own and signed a binding purchase agreement with the owners of AHTS AS covering all shares in the company. The preliminary purchase price of about USD 113 million is to be settled entirely through the issuance of new stock. A further USD 90 million has been earmarked for the committed interests in associated project companies holding AHTS vessels. All told, the arrangement targets a fleet expansion of as many as 15 large AHTS units, with completion tied to the satisfaction of specified closing conditions.
Rights Offer Still Hangs in the Balance
Whether a follow-on subscription offer goes ahead remains an open question. 2020 Bulkers has flagged a possible additional placement of up to 26,505,079 shares at a subscription price of NOK 2.83 each, aimed at eligible existing shareholders who missed out on an allocation in the private placement. Qualification depended on holding the stock at the amended record date of 23 September. The shares have traded ex-rights since last Thursday.
Any such issue is contingent on, among other things, approval of a corresponding prospectus and further conditions; the company has reserved the right to pull the offer. One date, however, is locked in: third-quarter 2026 figures are scheduled for release on 25 November 2026.
Ad
2020 Bulkers Stock: New Analysis - 30 September
Fresh 2020 Bulkers information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
