2020 Bulkers Wins Shareholder Approval for Capital Overhaul, Clearing Path to AHTS Acquisition
Published on 09/30/2026 at 12:01 | Editorial boerse-global.de
Shareholders of 2020 Bulkers Ltd. have signed off on a sweeping restructuring of the company's share capital, removing the final corporate-law obstacles to a fleet expansion centered on the acquisition of AHTS AS. The extraordinary general meeting held yesterday, Tuesday, delivered the necessary approvals, and completion of the takeover is now targeted for around October 1, 2026.
Nominal Value Cut, Authorized Capital Expanded
The resolutions passed at the meeting reduce the par value of each share from US$1.00 to US$0.01. At the same time, the authorized share capital was widened to US$50,000,000, divided into 5,000,000,000 shares with a nominal value of US$0.01 apiece.
Management had flagged both measures in advance as mandatory conditions for closing the transaction. With them in hand, the company now has the legal headroom to finalize its recent placement and to deliver the share-based consideration for the pending acquisition.
$175 Million Private Placement Already in the Books
The shareholder vote follows the successful completion of a private placement on September 24. 2020 Bulkers had raised the target size of that offering from an initial USD 125 million to USD 175 million, ultimately allocating 585,284,280 shares at an issue price of USD 0.299 each.
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Company insiders took part in the deal: CFO Vidar Hasund was allocated 2,129,675 shares, while CEO Lars-Christian Svensen received 212,965 shares. The new securities were initially issued under a separate ISIN and cannot be traded on the Euronext Oslo Børs until a corresponding prospectus is approved.
Eligible existing shareholders who were left out of the transaction have been offered a possible follow-on placement of up to 26,505,079 new shares at a subscription price of NOK 2.83 each. The record date for participation rights was set at September 23.
Seven Owned Vessels, Three Contracted Units
The binding agreement to acquire all shares of AHTS AS was signed on September 22. The fleet covered by the deal — seven owned vessels plus three contracted units — carries a total value of USD 264 million on a debt- and cash-free basis.
For the AHTS AS shares themselves, 2020 Bulkers estimates the purchase price at roughly USD 113 million, to be settled entirely through the issuance of new stock. Gross proceeds from the USD 175 million cash capital increase will, among other things, be used to partly refinance USD 100 million in gross debt tied to the acquired units.
The remaining funds are earmarked for transaction costs, working capital, and future deal-making. Subject to the outstanding closing conditions, the transaction is expected to complete around October 1, 2026.
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