Company Announcement 14/2022

Nordic Shipholding A/S
Nordic Shipholding A/S

December 1, 2022

NORDIC SHIPHOLDING A/S
Company Announcement: 14/2022

Published via NASDAQ OMX on December 1, 2022



Q3 Result 2022


Summary

Voluntary solvent liquidation of the Company
As stated in the Company Announcement 12/2022 on 1 December 2022, with the commitment and continual support from the majority shareholder of Nordic Shipholding A/S, Nordic Maritime S.à r.l., the Board of Directors have decided to call for an extraordinary general meeting with the intention to initiate a voluntary solvent liquidation of the Company. No distribution of funds to the shareholders is anticipated upon completion of the liquidation.

To enable the liquidation to be solvent, the majority shareholder has agreed to waive the necessary part of its loan to the Group. It is expected that the aggregate cash balance of Nordic Shipholding A/S and its subsidiaries is sufficient to cover the estimated liquidation expenses and settlement of all creditors other than the main shareholder loan. Any excess funds will be used to repay the shareholder loan, whereafter it has been agreed with the majority shareholder to waive the remaining debt at that point in time. It is expected that the liquidation will be finalised by the end of 2023.

As a result of the solvent liquidation, a profit after tax of approximately USD 1.0 million is expected for 2022, including estimated liquidation costs but before income from the expected waiver of shareholder loan.

Financials
Please refer to Interim Report H1 2022 announced on 24 August 2022 for the discussion on the prior activities of the Company. In Q3 2022, the financial result was affected by administration costs and minor adjustments related to the prior activities of the Group.


For further information please contact:
Mr Esben Poulsson, Nordic Shipholding A/S: +45 39 29 10 00

Attachment