Hapag-Lloyd Raising New Funds after Merger with UASC

first_imgGerman carrier Hapag-Lloyd will carry out a capital increase, agreed upon as part of its merger with United Arab Shipping Company (UASC), with the gross proceeds expected to reach EUR 352 million (USD 414 million).The company said that the expected gross issue proceeds from the capital increase would primarily be used for the repayment of debt as well as general corporate purposes.“Following the successful merger with UASC, we will use the capital increase to strengthen our capital structure and to use the proceeds to reduce the leverage of the company. This enables us to focus on enhancing our strategic and operating objectives,” Rolf Habben Jansen, CEO of Hapag-Lloyd AG, said.Following the the official merger of the two companies in May 2017, the shareholders approved new authorised share capital for a capital increase.The capital increase is backstopped by the primary shareholders CSAV Germany Container Holding GmbH, Kuehne Maritime GmbH, Qatar Holding Germany GmbH and The Public Investment Fund of the Kingdom of Saudi Arabia for a total of EUR 352 million.They have committed to exercise their subscription rights and to acquire new shares that are not acquired by other shareholders.The company’s share capital of EUR 164,042,940.00 will increase by EUR 11,717,353.00 to EUR 175,760,293.00 by issuing 11,717,353 new no-par shares in exchange for cash while maintaining the shareholders’ subscription rights. The new shares became eligible for dividends on January 1, 2017 and shall be offered to all shareholders at a subscription price of EUR 30.00 and a ratio of 14:1 per share.The subscription period for the shareholders is expected to start on 2 October 2017 and end on 16 October 2017.Separately, Hapag-Lloyd will finalize its comprehensive newbuild programme by taking delivery of the 15,000 TEU containership Al Jmeliyah at the shipyard of Hyundai Samho Heavy Industries (HSHI) in South Korea on September 28.Classed as an ultra-large container vessel (ULCV), the boxship giant is scheduled to start operating this weekend on the FE4 service of THE Alliance between Asia and Northern Europe, just like its predecessor, the Afif, which was delivered in July.The 368-metre-long Al Jmeliyah, which features 153,148 tonnes, is the last in a series of 17 newbuilds contracted to HSHI by UASC in the summer of 2013. The series comprised eleven 15,000 TEU and six 19,900 TEU ships, the first of which was delivered in 2015.Following the merger with Hapag-Lloyd at the end of May this year, these units became a part of the Hapag-Lloyd fleet, which currently consists of 219 ships, making Hapag-Lloyd the fifth-largest liner shipping company in the world.Image Courtesy: Hapag-Lloydlast_img read more

Wellington opens district with 45-20 win over Rose Hill; Mulvane next

first_imgW- Kop 8 run (Jones PAT run). RH- Moore to Moore 28 yard pass (PAT no good) by Tracy McCue, Sumner Newscow — For the third consecutive year, the Wellington football team has won its district opener. Now getting that second district win seems to be the hard part.Wellington did what it had to do against winless Rose Hill, winning 45-20 and getting the 21-point padding needed in a four-team district where points always seem to be in play at the end of the season.The Crusaders will battle Mulvane in a game that will probably again determine Wellington’s playoff fate. Mulvane lost to Ulysses 34-31 after leading in the third quarter, 31-14.The one bit of bad news for Wellington was Remington Gilkey, who had five carries for 58 yards tonight, may be out for the season with an ACL tear.Overall, Wellington sealed victory by playing keep away from Rose Hill. The Dukes would accumulate 217 yards in the second half on 42 plays while holding the Rockets to 13 plays, most on their lone fourth quarter scoring drive.But once again, Wellington’s special teams were exposed. The Crusaders would allow another touchdown, including a 93 yard run by Ross Nolan that sparked a brief period in the second quarter in which the Rockets were kicking Wellington’s tail including a sudden successful passing game.At the half, Wellington was leading 22-13, but it was unclear which team was going to show up to start the third quarter. In the past two games, the Crusaders have gotten off to a tremendously bad start after intermission.This time though, the Crusaders were patient to start the second half and went on 14 play six-plus minute drive that was capped by a Chris Kop touchdown at the 5:47 mark. That would put the Dukes in front 30-13.“I have to hand it to our offensive line,” said Tyler Ryan, Wellington head football coach. “They really played an outstanding game and won this game for us.”After a three-and-out for the Rockets, Wellington would get rolling again and would score a few minutes later on an 8-yard run by Kop after another methodical clock-churning drive.Rose Hill would score two minutes later. But the Crusaders would finish things off with another long drive that was capped by Logan Jones scoring from the 2 with just 28.2 seconds to play.Wellington opened the game scoring three touchdowns to take a 22-0 lead. It was a deficit the Rockets could not overcome. But for awhile in the second quarter it sure seemed like it could. Rose Hill:Moore 10-7, Flannagan 5-30, Hollis 4-16, Wallis 1(-1). Total 20-54. RH- Hollis 1 run (PAT kick). Scoring W- Gilkey 47 run (PAT run no good) Wellington 45 Rose Hill 20  W- Phelps 13 run (Gilkey PAT run) Rose Hill:Nolan 5-37, Rapp 2-31, Moore 1-30, Cafney 2-40. Receiving: W- Jones 2 run (PAT kick no good). Passing: 1234Finalcenter_img Rushing: Rose Hill0130720 W- Kop 4 run (Phelps PAT run). RH – Nolan kickoff return (PAT kick good) Wellington:Phelps 24-185, Gilkey 5-58, Jones 17-74, Kop 17-100, Ca. Phelps 2-0. Total 67-448 Wellington:Ca. Phelps 1-2-26. Rose Hill:Moore 10-19-138 W- 25 pass Ca. Phelps to Shields (PAT run no good) Wellington14881545 Wellington:Shields 1-26 Follow us on Twitter. Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close WordPress.com Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. There are no comments posted yet. Be the first one! Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new commentslast_img read more