Rederi AB TransAtlantic conducts a rights issue
Rederi AB TransAtlantic’s (RABT) Industrial Shipping division has experienced very difficult market conditions over the last two years. This has led to a deteriorating liquidity situation driven by significant operational losses. For this period losses amount to around SEK 400 M. Furthermore, the Industrial Shipping division is experiencing weakening market conditions and no longer expects the remainder of 2013 to break even on a cash basis. This necessitates further funding.
Today, RABT’s Board of Directors has unanimously decided to seek shareholders’ approval for a capital increase through a rights issue of SEK 150 M in order to strengthen its short term funding and liquidity. Recognizing that the previous sales growth and cost reduction initiatives are insufficient given the market headwinds, TransAtlantic’s Industrial Shipping division will evaluate all opportunities for further cost savings and future strategies for all of its three business units. This is in order to improve the operational performance of the Industrial Shipping division in an even quicker fashion than earlier planned. As these plans develop, TransAtlantic will communicate to the market in due course.
The planned capital increase of MSEK 150 will be guaranteed by RABT’s largest shareholder; the Norwegian investment company Kistefos AS. As was the case for the previous capital increase, Kistefos AS will seek exemption from any potential mandatory bid rules for all outstanding shares.
For further information, please contact Carina Dietmann, RABT Investor Relations at +46 (0)766 472734 or carina.dietmann@rabt.se
Rederi AB TransAtlantic (RABT) is a leading Swedish shipping company with headquarters in Gothenburg, Sweden and additional offices in Europe. The company is organized into two business areas: Viking Supply Ships and Industrial Shipping. Viking Supply Ships, operating within offshore and icebreaking, is also a wholly owned subsidiary of RABT. The Industrial Shipping business area consists of three divisions: Bulk, Container and RoRo. The Group has about 800 employees and the turnover in 2012 was MSEK 3,274. The company’s B-shares are listed on the NASDAQ OMX Stockholm, Small Cap segment. www.rabt.se
TransAtlantic is obliged to make this information public according to the Financial Markets Act and/or the Financial Instruments Trading Act (Sw: lagen om värdepappersmarknaden and lagen om handel med finansiella instrument). The information was submitted for publication on April 23, 2013 at 03.30 pm.