Hamilton, Bermuda. April 16, 2025
This refers to the Fourth Quarter 2024 Earnings Release announced on February 12, 2025. In that release, the Company stated that it would distribute a final dividend of approximately $0.70 per share upon receiving the remaining $34.2 million from Exmar in connection with the sale of the four Mid-Sized Gas Carriers (MGCs). We are pleased to announce that the final settlement with Exmar has been received. As a result, the Company will proceed with a final extraordinary distribution of $0.74 per share, totalling $56.7 million, of which $0.16 per share is return of capital and $0.58 per share is dividend. Key information of the extraordinary distribution is published in a separate press release.
As announced in our third-quarter presentation on November 27, 2024, and reaffirmed in our fourth-quarter presentation on February 12, 2025, Avance Gas has completed the sale of all its assets and has been returning capital to shareholders, with today's announced extraordinary distribution marking the final payment. The Company is not planning to make new investments and are proceeding with the winding-up process where the next step is a Special General Meeting. A separate notice of this meeting will be published, to appoint a liquidator and to resolve the delisting of Avance Gas. The last trading date of the shares will be determined by the Oslo Stock Exchange, which we anticipate will occur in June 2025.
The Company will publish its First Quarter 2025 Report on April 25, 2025. Given the limited level of activity, there will be no accompanying presentation or webcast. Press releases will be issued to announce the resolutions passed at the Special General Meeting and to provide updates on the delisting process.
For further information, please contact:
Randi Navdal Bekkelund, CFO
Email: ir@avancegas.com
Tel: +47 23 11 40 00
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
