NVGS - Navigator Gas Announces Commencement of Secondary Public Offering by Selling Shareholder and Concurrent Repurchase of Shares by Navigator Gas | Benzinga
LONDON, June 11, 2024 (GLOBE NEWSWIRE) -- Navigator Holdings Ltd. (NYSE:NVGS) ("Navigator Gas," the "Company," "we," or "our") announced today that BW Group Limited, the selling shareholder of the Company (the "Selling Shareholder"), is offering for sale to the public a total of 6,000,000 shares (the "Offered Shares") of the Company's common stock (the "Secondary Offering").
The Company is not offering any shares of its common stock in the Secondary Offering and will not receive any proceeds from the sale of its shares of common stock in the Secondary Offering.
In addition, the Company intends to purchase from the underwriters in the Secondary Offering half of the total number of Offered Shares (the "Share Repurchase"), representing 3,000,000 shares, at a price per share equal to the price per share to be paid by the underwriters to the Selling Shareholder in the Secondary Offering. The underwriters will not receive any discount or commission in respect of the shares of common stock purchased by the Company from the underwriters in the Share Repurchase. The Share Repurchase is expected to be funded with cash on hand. The terms and conditions of the Share Repurchase were approved and recommended to the Board of Directors of the Company (the "Board") by a Special Committee of the Board and approved by the Board. The Share Repurchase is conditioned upon the completion of the Secondary Offering, as well as the satisfaction of customary closing conditions, and is expected to close concurrently with the completion of the Secondary Offering. The completion of the Secondary Offering is not conditioned upon the completion of the Share Repurchase.
Citigroup and DNB Markets, Inc. are acting as joint book-running managers for the Secondary Offering.
A shelf registration statement on Form F-3 relating to the shares of the Company's common stock subject to this Secondary Offering was filed with the U.S. Securities and Exchange Commission (the "SEC") on June 28, 2023 and declared effective on July 11, 2023. The Secondary Offering will be made only ...