2020 Bulkers Shareholders Greenlight Nominal Value Cut to $0.01, Paving Way for AHTS Takeover
Published on 09/30/2026 at 14:22 | Editorial boerse-global.de
Shareholders of 2020 Bulkers have signed off on a sweeping overhaul of the company's capital structure, clearing the final corporate-law hurdles for a strategic pivot that will see the shipping firm expand into the offshore support vessel segment.
At an extraordinary general meeting held Tuesday, investors approved a reduction in the nominal value of each share from USD 1.00 to USD 0.01. In the same vote, they agreed to raise the authorized share capital to USD 50,000,000, now divided into 5,000,000,000 shares carrying a par value of USD 0.01 apiece.
The twin resolutions hand the company the balance-sheet flexibility it needs to carry out the extensive equity measures underpinning its fleet expansion. By slashing the nominal value and widening the authorized pool, 2020 Bulkers gains room to issue fresh shares and align its capital base with its current ambitions.
Binding Deal for AHTS AS Already Signed
The shareholder decisions follow hard on the heels of a substantial financing move. On September 22, 2020 Bulkers put pen to paper on a binding purchase agreement with the owners of AHTS AS covering the acquisition of all shares in that company. Completion of the share purchase is targeted for around October 1, 2026.
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The transaction forms part of a broader strategic push. As far back as September 16, the company had announced a letter of intent to acquire up to 15 large AHTS vessels through AHTS AS and additional project companies. The total volume for implementing these plans — spanning both equity and debt — was put at up to roughly USD 485 million.
$175 Million Placement Closed
To fund the initiative, 2020 Bulkers wrapped up a private placement on September 24, generating gross proceeds of USD 175 million. New shares were placed at an issue price of USD 0.299 each. Alongside the closing, the company disclosed a related insider transaction.
Existing shareholders have not been left out of the picture. Also on September 24, the company unveiled the key terms of a possible subsequent rights offering, covering up to 26,505,079 new shares. That offering was contingent on the successful completion of the preceding private placement and is aimed at eligible shareholders who did not receive an allocation in the placement.
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The record date for participation was previously set at September 23. With the AHTS AS transaction expected to close in the coming days, 2020 Bulkers is now moving from the preparatory phase of its realignment into the operational stage.
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