of Friend International Shipping it deliberates an increase of the capital



The board of directors of Friend International Shipping (DIS) has deliberated an increase of the share capital by means of the emission of the maximum number of 209.929.867 new actions with contextual free emission of warrant for the ulterior subscription of the maximum number of 69.976.622 sets in action of compendium.

The company has specified that, between the main characteristics of the capital increase, with period of the offer that will go on 12 November from on 11 December next, they figure an issue price of the new actions of 0,310 euros for new action, a relationship of allocation of the new actions pairs to seven new ones sets in action every five sets in action existing, a relationship of free allocation of warrant the pairs to warrant a every new action undersigned. Moreover the warrant assigned free of charge they will give straight to the subscription of actions of compendium on the base of the following prices of exercise: 0,360 euros if exercised in January 2014, 0,400 euros if exercised in January 2015 and 0,460 euro if exercised in January 2016.

In particular, the Board of DIS has deliberated to approve of a classified emission of rights to the shareholders of the society that consists in an offer of rights (the "right of first refusals") to assign to the shareholders of the society for the subscription of new actions of the society (the "new actions") with free contextual emission of warrant ("warrant") that if exercised damage straight to the subscription of actions of compendium of the society (the "actions of compendium" and, altogether, the "offer of the rights") and an organized public auction from the Société de Bourse de Luxembourg KNOWS ("Stock market of the Luxemburg") for the sale of the right of first refusals not exercised (the "public auction" and - together with the offer of the Rights - the "offer").

Moreover the board of directors has deliberated to approve of an increase of share capital to payment, in the limits of the vital authorized person, until the maximum amount of the equivalent in dollars of overcharge 65,1 million euros (comprehensive), by means of emission of the maximum number of 209.929.867 new actions, having regular enjoyment and having the same characteristics of the common stocks of the society in circulation to the date of issue, to offer as an option to having straight to a price of offer for new action of 0,310 euros (the "price of offer"), in the relationship of seven new ones set in action every five practised right of first refusals (the "relationship of allocation") and with contextual free emission of the maximum number of 209.929.867 warrant in the relationship of a warrant for every exercised right of first refusal, as a result of implementing deliberation of a special prosecuting attorney in case of necessity named from the board of directors.

At last the Board has deliberated to approve of an ulterior increase of the share capital to payment, in the limits of the vital authorized person, until the maximum amount of the equivalent in dollars of overcharge 32,2 million euros (comprehensive), by means of emission - in or a more tranche - than the maximum number of 69.976.622 sets in action of compendium, having regular enjoyment exclusively and having the same characteristics of those in circulation to the classified date of issue and to the exercise of the warrant, as a result of implementing deliberation of a special prosecuting attorney in case of necessity named from the board of directors.

of Friend International Shipping it has explained that the capital increase is finalized mainly to renews of the fleet of the group through the purchase of new tankers, such to allow with the group of being in condition for taking advantage of the resumption of the market being able to benefit of a structure of the hires improved, and, on the patrimonial depositor, of an increase of the value of the ships. "After many difficult years - the managing director of DIS, Marco Fiori has confirmed - we are convinced that the market of the tankers is by now close to a march reversal. From the side of the question, also according to the opinion of the main operators of field, one assists to a more and more pronounced trend of rilocalizzazione of the ability to world-wide refining towards Far East and the Middle East. The future question of producing oil will come, moreover, strongly supported from the previewed economic increase in the countries non-OCSE. From the side of the offer, a clean increase of the product tankers and the segment of the MR also attends us rather contained in particular, in which the DIS work in position of market leader. All these factors will generate an increment in the question tonnage-miles with very positive effects on the hires and the values of the ships".

"This operation of capital increase - it has commented the chief financial officer of DIS, Giovanni Barberis - is a step important for DIS to the aim to maintain to a solid capital structure, and to slowly support own ambitious of increase. The shareholder of DIS majority has confirmed the full engagement to support the capital increase agreeing own quota competence. It is our conviction that the current price of title DIS does not reflect in full load the value of the society and its strong potentialities. The meaningful reduction in price on NAV of the new actions as an option, together with the added value represented from the free emission of the warrant - that they will afford to sign actions for three years to attractive prices a lot - I consider that they represent an optimal opportunity of investment in the current phase of increase of our market of reference".