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Mon 28 Feb 2011, 09:06 GMT

Baltic Oil announces equity issue


Terminal specialist applies to London Stock Exchange for shares to be admitted to trading.

Baltic Oil Terminals, a UK public company listed on the AIM market in London, has announced that it has entered into a subscription letter on 25 February 2011 for the allotment and issue of 876,000 new ordinary shares of 1 pence each at a price of 29.5 pence per share (being the closing mid-market price on 25 February 2011) to a consultant to the company, where the consideration for the allotment and issue of the ordinary shares is the discharge of outstanding consultancy fees.

Application has been made to the London Stock Exchange for the new ordinary shares to be admitted to trading on AIM, and it is expected that admission will become effective and trading will commence on Friday 4 March 2010.

Following admission, the company says it will have 94,517,416 Shares in issue. The company does not hold any Shares in treasury.

Baltic Oil Terminals operates and leases terminals and tank capacity in Kaliningrad and Rotterdam. In December 2010, the company entered into an agreement for the acquisition of Petroval Bunker International B.V., a fuel oil storage and bunker supply business based in Rotterdam, from Petroval Pte. Ltd. for US$10.8 million in cash.

Petroval operates two heated fuel oil tanks with a total capacity of 120,000 cubic metres, in Europoort Rotterdam, which it leases from Vopak. The current leases expire in April 2014.

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