Havila Shipping ASA

Havila Shipping ASA: : Capital Increase following debt conversion

Reference is made to the Stock Exchange release on 09.08.18 regarding sale of

vessel. The vessel is delivered to new owner.

The company has received exercise notices for 820,180 subscription rights

related to remaining debt after sale of the vessel.

At the same time the company received exercise notice from Havila Holding AS for

subscription of 852,320 shares by conversion of part of convertible loan (Anti

Dilution Protection Loan).

The calculated equity effect of the debt conversion was booked in the group

accounts at the time of implementing the restructuring 28.02.2017 and the sale

will cause minor equity adjustments.

The sale will have immaterial effect on company result and no immediate

liquidity effect. The Board of Directors has resolved capital increase as

follows:

The share capital of Havila Shipping ASA increases with NOK 1,672,500 from NOK

22,103,800 by issuing of 1,672,500 new shares each with a par value of NOK 1,00

settled through conversion of debt. Total number of shares will when the capital

increase is registered in Register of Business Enterprises be 23,776,300. The

new shares will rank equal with existing shares from being registered and

issued.

The capital increase and related changes to the articles of association will be

registered with the Register of Business Enterprises as soon as possible.

Contacts:

CEO Njål Sævik, +47 909 35 722

CFO Arne Johan Dale, +47 909 87 706

This information is subject to the disclosure requirements pursuant to section

5 -12 of the Norwegian Securities Trading Act.

AI Terminal