ADS Maritime Holding

AGM Information • Dec 10, 2020

Extraordinary General Meeting of ADS Crude Carriers Plc

Extraordinary General Meeting of ADS Crude Carriers Plc

10 December 2020

An Extraordinary General Meeting (EGM) of ADS Crude Carriers Plc (the “Company”) was held today at the Company’s office at OSM House, Limassol, Cyprus. The EGM resolved to approve all matters proposed in the EGM Notice dated 18 November 2020.

The minutes of the EGM are attached and further information regarding the two special resolutions passed in the EGM are given below.

Share premium repayment

The shareholders approved the USD 51 million reduction of the share premium account, which remains subject to regulatory approval by the District Court of Limassol, Cyprus. The Company will now proceed with the application for regulatory approval, the outcome of which is expected to be known during Q1 2021. Payment of the share premium reduction is expected to be to the holders of the ordinary shares of the Company registered in the Registry of the Euronext Growth Stock Exchange in Norway on the fifth trading day following the date of regulatory confirmation. The ex-date will be four trading days after the approval. Payment will be made in Norwegian Krone within ten banking days from such confirmation.

Company name change

The name of the Company has today been changed to ADS Maritime Holding Plc. The name change reflects the Company’s broader strategic remit going forward to evaluate further investment opportunities in the maritime sector. The Company will release an announcement once the name change has been registered in the Cyprus registrar of companies, which is expected around the end of December. As a result of the name change the Company will change its internet homepage to www.adsmh.com, which is expected to occur within a couple of days.

Contacts

Terje Bodin Larsen, CEO

+47 905 35 543

tbl@ads.no

Ben Boiling, CFO

+47 912 40 945

ben.boiling@ads.no