Denys Molodkovets, the CFO of KDM Shipping Public Ltd. and the son of the majority shareholder in KDM Shipping Kostiantyn Molodkovets, did not took part in the additional issue of shares and cut his stake in the company from 10.3 percent to 8.1 percent, reads a report of KDM Shipping.
The report says that another large shareholder – Miralex Inc – also
did not participate in the additional issue, and its stake narrowed from
6.2 percent to 4.8 percent.
KDM Shipping said that the number of shares in the ownership of Denys
Molodkovets and Miralex did not change – 749,999 and 449,988
respectively.
As reported, the stake in KMD Management Limited of Kostiantyn
Molodkovets after the additional issue of shares fell from 69.9 percent to
54.86 percent, and the number of shares in his ownership did not change – 5.1
million shares, including two million of non- materialized shares, which
were not listed on the Warsaw Stock Exchange (WSE), although the
decision to materialize the share could be made in the future.
KDM Shipping Public Ltd. closed a deal on the private placement of
two million additionally issued shares, selling them at PLN 30 per share
and receiving PLN 60 million ($18.74 million at the current exchange
rate).
The global coordinator of the transaction was UniCredit CAIB Poland
S.A., the joint manager was Jaspen Capital, the financial advisor –
Ukrsotsbank, and the legal advisor to the global coordinator – Baker
& McKenzie.
According to the report, Kostiantyn Molodkovets and Denys
Molodkovets, who own 749,999 shares, will not buy shares within 18
months of the private placement, and KDM Shipping Public will not issue
new shares within 12 months without the written consent of the global
coordinator.
The company conducted its IPO on the WSE last year, placing 796,000
additional shares at PLN 32.4 each and raising PLN 25.8 million ($7.4
million). Institutional investors bought 729,475 shares and private
investors 66,525.
KDM Shipping transports bulk cargos aboard river-sea class ships in
the Black Sea, the Sea of Azov, and the Mediterranean Sea. The group has
eight vessels with total deadweight of 25,206 tonnes. The company also
provides passenger services on rivers in Kyiv region (eight river class
vessels) and ship-repair services at its own shipyard in Kherson.
