Carisbrooke Shipping - Re Fleet DevelopmentProgramme
October 21 1998 - 6:31AM
UK Regulatory
RNS No 6453n
CARISBROOKE SHIPPING PLC
21st October 1998
Carisbrooke Shipping PLC
("Carisbrooke" or the "Group")
DUTCH INVESTMENT FUND
NEW SHIP ORDER
Carisbrooke today announces the latest development in its fleet development
programme. The Group is to take an equity stake of approximately 15 per cent.
in a Dutch investment fund that is acquiring a ship being built by Damen
Shipyards Group in the Netherlands. The vessel will be managed by
Carisbrooke. The purchase price of the ship, which is being met by the Dutch
investment fund, is 16 million Dutch Guilders (approximately #5.2 million at
an exchange rate of NLG 3.1:#1.00). Funding will include debt of
approximately 60 per cent.
The fund, which is similar to those used to finance the previous four new
ships managed by the Group, is expected to be fully subscribed by the middle
of December this year and the equity of 6.5 million Dutch Guilders
(approximately #2 million at an exchange rate of NLG 3.1:#1.00) is being
underwritten by Carisbrooke. At nearly 5000 tonnes deadweight, the ship is
slightly larger than the previous ships in her class and will be operated as
part of the Group's fleet and within the Group's management. Carisbrooke will
have an option to purchase the vessel after the five and half year life of the
investment fund at 67.5 per cent. of the original consideration paid for the
ship by the fund.
Copies of this announcement will be made available for at least the next 14
days from the Group's offices at 10 Mill Hill Road, Cowes, Isle of Wight, PO31
7EA.
For further information please contact:
Willem Wester Carisbrooke Shipping Plc 01983 284100
Managing Director
Ron Robson Carisbrooke Shipping Plc 01983 284100
Finance Director
END
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