The Company is pleased to announce that AST Shipping Limited has entered into a memorandum of agreement on 26 March 2018 (the “MoA”), with Nova Ponza Limited whereby AST Shipping Limited shall acquire the vessel ‘PONZA’ having been assigned IMO Number 9143398 (the “Vessel”) for the price of USD 1,660,000 (the “Purchase Price”). This shall be paid through the bond proceeds.
The Company further announces that AST Shipping Limited has paid a deposit of 10% of the Purchase Price, that is, USD 166,000 (the “Deposit”), to an escrow account in terms of an Escrow Agreement dated 29th March 2018 whereby the Deposit shall be released to Nova Ponza Limited in accordance with the terms of the Escrow Agreement upon delivery of the Vessel under the MoA.
A further company announcement will be issued upon delivery and transfer of the Vessel, which is expected to take place by the end of April.
UNQUOTE
Dr. Martina Borg Stevens
Company Secretary
16th April
