Atlantic Navigation Announces Significant Cash Distribution to Shareholders

Atlantic Navigation Holdings (Singapore) Limited has disclosed pivotal updates that could potentially impact its share value. The company has confirmed the completion of a significant transaction involving the sale of twenty offshore support vessels owned by its wholly-owned subsidiaries. This strategic move follows the company’s announcement on 9 September 2024 regarding a conditional master delivery agreement with MAG Offshore Investment LLC’s subsidiaries.

Key Financial Implications

The board of directors aims to return a substantial portion of the net proceeds from this disposal to shareholders. This will be executed through a capital reduction exercise and a special interim dividend. The aggregate cash distribution will amount to US\$62.00 million (approximately S\$83.04 million), translating to roughly US\$0.118 (approximately S\$0.158) per share. Additionally, a one-tier tax-exempt special interim dividend of US\$58.00 million (approximately S\$77.68 million) will be distributed, which equates to about US\$0.111 (approximately S\$0.148) per share.

Shareholder Entitlements and Record Date

Shareholders should be aware that the record date for these entitlements is set for 27 November 2024, with payments expected around 5 December 2024. Shares held in securities accounts with The Central Depository (Pte) Limited (CDP) by the record date will qualify for the cash distribution and special dividend. Payment will be processed via direct crediting to bank accounts for those enrolled in the Direct Crediting Service. Alternatively, entitlements will be reflected in the monthly CDP statements.

Administrative Details

It’s crucial for shareholders who prefer to have their shares deposited with CDP to ensure their share certificates and transfer instruments are submitted at least twelve market days before the record date. The company’s share registrar, Boardroom Corporate & Advisory Services Pte. Ltd., will manage the registration of transfers received by this deadline.

As this development could influence the company’s share price, shareholders are encouraged to stay informed of further announcements. The final amounts payable per share will depend on the total issued shares and the prevailing exchange rate on the record date, which the company will announce accordingly.

By Order of the Board, the announcement was made by Wong Siew Cheong, Bill, Executive Director and Chief Executive Officer on 19 November 2024.

Disclaimer

This article is for informational purposes only and does not constitute financial advice. The information has been reviewed by the company’s sponsor, SAC Capital Private Limited, but not by the Singapore Exchange Securities Trading Limited (SGX-ST). Readers should seek independent financial advice before making any investment decisions.