NOT FOR DISTRIBUTION OR RELEASE,
DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY OTHER
JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE
UNLAWFUL.
Offer to buy back shares in Team
Tankers International Ltd.
Reference is made to press release
announced on 18 August 2016, whereof Team Tankers International
Ltd. (the "Company") announced a Share Repurchase Program of up to
10 million shares within a price range of NOK 10 and NOK 20 per
share. Since the announcement, the Company has bought back a total
of 1,366,633 shares or 0.72% of Company's outstanding shares.
The objective of the share
repurchase program is to reduce the capital of the Company. The
share repurchase program will be carried out in accordance with the
Bye-Laws of the Company and applicable laws and regulations. In
connection with the share repurchase program, the Company hereby
launches an offer to all shareholders in the Company to buy back up
to 2,700,000 shares in the Company, increasing the Company's own
holding of shares to a total of 2.2% of the outstanding share
capital.
The offer will be carried out
through a bookbuilding process with an offer price of up to NOK
14.00 per share. The bookbuilding period commences immediately and
will close at 21:00 (CET) on 31 July 2017. The Company reserves the
right to accept acceptances received after the end of the
bookbuilding period, as well as to extend the bookbuilding period
one or several times. Acceptances of the offer are irrevocable and
cannot be withdrawn, however if the bookbuilding period is
extended, acceptances can be withdrawn up to the expiry of the
extended bookbuilding period.
Shareholders who wish to sell their shares can
contact Clarksons Platou Securities AS by phone at +47 22 01 63 01
or email at teambuyback@clarksons.com.
In the event that the total number
of received acceptances exceeds 2,700,000 shares, the Company will
determine criteria for the allocation of the acceptances in
accordance with the best interest of the Company and the equal
treatment of the shareholders.
Allocation and pricing
will be made before 09:00 (CET) on 1 August 2017. The
trade date will be 1 August 2017
and settlement will take place on 3 August 2017. If the
bookbuilding period is extended, the dates will be postponed
correspondingly.
Team Tankers International Ltd.
Kevin Kilcullen, CFO
T: +1 203 221 3433
The Offer and
the distribution of this announcement and other information in
connection with the offer may be restricted by law in certain
jurisdictions.
The Company
does not assume any responsibility in the event there is a
violation by any person of such restrictions. Persons into whose
possession this announcement or such other information should come
are required to inform themselves about and to observe any such
restrictions.
The offer is
not being made directly or indirectly in, or by use of the mails
of, or by any means or instrumentality of interstate or foreign
commerce of, or any facilities of a national securities exchange
of, the United States of America, its territories and possessions,
any State of the United States and the District of Columbia (the
"United States"). This includes, but is not limited to, facsimile
transmission, internet delivery, e-mail, telex and telephones.
Accordingly, copies of this release and any related documents are
not being, and must not be, mailed, e-mailed or otherwise
distributed or sent in or into the United States and so doing may
invalidate any purported acceptance.
This information is subject
to the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.