Höegh LNG: Special General Meeting approves proposed amalgamation
Hamilton, Bermuda, 30 March 2021 – Höegh LNG Holdings Ltd. ("Höegh LNG" or the "Company") announces that at a Special General Meeting of the Company held today at Canon's Court, 22 Victoria Street, Hamilton HM12, Bermuda, the shareholders of Höegh LNG voted on and approved the amalgamation and delisting of shares, as proposed by the Board of Directors of the Company in the notice of the Special General Meeting dated 8 March 2021.
As previously announced, Leif Höegh & Co. Ltd. (“LHC”) and Funds managed by Morgan Stanley Infrastructure Partners (“MSIP”) will, through a 50/50 joint venture, Larus Holding Limited (“JVCo”), acquire the remaining issued and outstanding shares of the Company not currently owned by LHC or its affiliates, by way of amalgamation between Larus Limited, a subsidiary of JVCo, and the Company, subject to certain conditions. The amalgamated company will be owned jointly by LHC and MSIP on a 50/50 basis. All of the Company’s shares (other than those owned by LHC and its affiliates) will be cancelled for a consideration in cash of NOK 23.50 per share.
The closing of the transaction is subject to waivers of specific change of control and/or delisting provisions in relation to the Company's outstanding senior unsecured bonds and certain credit agreements, as well as the satisfaction of other customary closing conditions. As subsequently announced on 22 March 2021, the holders of the Company’s outstanding senior unsecured bond issues maturing in February 2022 and January 2025 have approved the amendment proposal in relation to the amalgamation. The amalgamation is expected to close in the first half of 2021.
The minutes from the Special General Meeting and the list of attendance are attached hereto and will also be available on Höegh LNG's website, www.hoeghlng.com.
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Sveinung J. S. Støhle, President and Chief Executive Officer, Telephone +47 975 57 402
Håvard Furu, Chief Financial Officer, Telephone +47 991 23 443
Knut Johan Arnholdt, VP IR and Strategy, Telephone +47 922 59 131
About Höegh LNG:
Höegh LNG operates world-wide with a leading position as owner and operator of floating LNG import terminals; floating storage and regasification units (FSRUs), and is one of the most experienced operators of LNG Carriers (LNGCs). Höegh LNG’s Vision is “Enabling the transition to Clean Energy”. The company is publicly listed on the Oslo stock exchange under the ticker: “HLNG”, and owns approximately 46% of Höegh LNG Partners LP (NYSE:”HMLP”). Höegh LNG is a Bermuda based company with established presence in Norway, Singapore, the UK, USA, China, Indonesia, Lithuania, Egypt, Colombia and the Philippines. The group employs approximately 190 office staff and 670 seafarers. Please see: www.hoeghlng.com