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USD250 million funding target for Dockwise as 3i sells stake

October 19 - Dockwise has announced that it will seek to raise up to USD250 million in fresh equity to pay off debt and prepare for future growth.

The Company has signed agreements with certain existing shareholders, and, subject to certain conditions, with new investor Sankaty Advisors LLC and expects to sign such agreements with HAL Investments B.V. ("HAL") and Project Holland Deelnemingen B.V./Project Holland Fonds ("Project Holland Fonds") later today. 

These investors commit to provide Dockwise with fresh capital to support it in the next phase of its development. In addition, the three new investors have acquired all of the shares in the Company held by 3i Delphi Cöoperatief B.A. ("3i"). 

Dockwise, whose shares are already listed on the Oslo Stock Exchange, also plans to seek a share listing in Amsterdam to increase liquidity in the Company's shares.

Most of the fresh equity will come from direct placement to HAL Investments and Project Holland Deelneemingen.

Existing shareholders who have not participated in the directed placement will have rights to participate in the equity exercise through a subsequent offering.

André Goedeé, Chief Executive Officer, Dockwise Ltd, said: "In the two years since listing on the Oslo Stock Exchange, we have seen the business grow in annual revenues from USD 290 million to USD 457 million in 2008. The initiative announced today will provide Dockwise with a sustainable capital structure and a solid foundation for the Company's future development.

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