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Tuesday, 17 October 2017

Zeus Play and iSoftBet Deal Means Higher Quality and Security for Online Casino Operators

 
Zeus Play and iSoftBet Deal Means Higher Quality and Security for Online Casino Operators
LAS VEGAS, Oct. 16, 2017 /PRNewswire/ -- Bulgarian game developer Zeus Play has just struck up a deal with iSoftBet—one of the largest online and mobile casino content providers around—that will ultimately offer a huge increase in the number of quality casino games available to players....
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Lilly Declares Fourth-Quarter 2017 Dividend
INDIANAPOLIS, October 16, 2017 /PRNewswire/ -- The board of directors of Eli Lilly and Company (NYSE: LLY) has declared a dividend for the fourth quarter of 2017 of $0.52 per share on outstanding common stock. The dividend is payable December 8, 2017, to shareholders of record at...
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DVIGear Launches 4K HyperLight™ DisplayPort Cables
DisplayPort 1.4 Active Optical Cables Deliver Performance and Value MARIETTA, Georgia, Oct. 16, 2017 /PRNewswire/ -- DVIGear, a leading manufacturer of digital connectivity products, has introduced its HyperLight™ Series – a new generation of advanced Active Optical Cables (AOC)....
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UK Launch of Maxi-Cosi's World First Child's Car Seat with Built-in Airbags
LONDON, October 17, 2017 /PRNewswire/ -- Thanks to new technologies, the standard car safety measure for adults is now available for toddlers. With the development of the Maxi-Cosi Air Safety technology®, car seat manufacturer Maxi-Cosi has launched the world's first child car...
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Last Chance for Best Businesses in Europe to Enter Celebrated Awards
LONDON, October 17, 2017 /PRNewswire/ --  Two weeks to go before deadline for 2017-18 European Business Awards sponsored by RSM    EUROPE's best businesses are urged to enter the 2017-18 European Business Awards, sponsored by RSM, before the end October deadline for a chance...
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UST Global Collaborates With MIT Trust::Data Consortium
ALISO VIEJO, California, October 17, 2017 /PRNewswire/ -- ~ To jointly research and innovate for the data-driven society of the future UST Global, a leading digital technology services company, today announced its collaboration with MIT Trust::Data Consortium. The alliance...
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Global Transmission Towers Market 7.99% CAGR to 2021
PUNE, India, October 17, 2017 /PRNewswire/ -- Global Transmission Towers Market 2017-2021 is Manufacturing & Construction report added on RnRMarketResearch.com. One trend in the market is transition to smart grid. Power generation is transitioning to low-carbon or no-carbon fuels....
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EU Commission: North Korea: EU adopts new sanctions

North Korea: EU adopts new sanctions

On 16 October, the Foreign Affairs Council discussed the situation in the Korean peninsula and in particular the continuing development of the DPRK's nuclear weapons and ballistic missiles in violation and flagrant disregard of UN Security Council resolutions.

Given the persistent threat to international peace and stability posed by the DPRK, the Council adopted new EU autonomous measures to further increase the pressure on the DPRK to comply with its obligations. The measures complement and reinforce the UN Security Council sanctions. They take effect immediately.

The new measures include:

  • a total ban on EU investment in the DPRK, in all sectors. The ban was previously limited to investment in the nuclear and conventional arms-related industry, in the sectors of mining, refining and chemical industries, metallurgy and metalworking and aerospace;
  • a total ban on the sale of refined petroleum products and crude oil to the DPRK. These exports were subject to certain limitations under the UN Security Council resolution of 11 September;
  • lowering the amount of personal remittances transferred to the DPRK from € 15 000 to € 5 000; as they are suspected of being used to support the country's illegal nuclear and ballistic missile programmes.

In addition, with a view to eliminating remittances to the DPRK, member states agreed not to renew work authorisations for DPRK nationals present on their territory, except for refugees and other persons benefiting from international protection.

The Council also added three persons and six entities supporting the illicit programmes to the lists of those subject to an asset freeze and travel restrictions. This brings the total number under restrictive measures against the DPRK  as designated by the EU autonomously to 41 individuals and 10 entities. In addition, 63 individuals and 53 entities are listed by the UN.  

Ministers also agreed to actively lobby for a robust implementation of all relevant UN Security Council resolutions by all UN member states. 

Background

The EU is implementing all UN Security Council resolutions adopted in response to the DPRK's nuclear weapons and ballistic missile programmes. In addition, the EU has imposed autonomous restrictive measures against the DPRK, complementing and reinforcing the UN sanctions regime. 

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Council reaffirms the EU's commitment to promote and protect human rights

The Foreign Affairs Council discussed the EU policy on human rights and on how to best promote them in bilateral and multilateral contexts.

The Council reaffirmed the EU's commitment to promoting and protecting human rights everywhere in the world.

The Council adopted conclusions on the mid-term review of the action plan on human rights and democracy. It also adopted its annual report on human rights and democracy in the world (2016).

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Myanmar/Burma: Council adopts conclusions

The Council adopted the following conclusions on Myanmar/Burma:

"1.  The humanitarian and human rights situation in Rakhine State is extremely serious. There are deeply worrying reports of continuing arson and violence against people and serious human rights violations, including indiscriminate firing of weapons, the presence of landmines and sexual and gender based violence. This is not acceptable and must end immediately. More than 500 000 people, mostly Rohingya, have fled their homes and sought refuge in Bangladesh, as a result of violence and fear. When so many people are displaced so quickly this strongly indicates a deliberate action to expel a minority. Therefore it is of utmost importance that refugees can return in safety and dignity. Access for humanitarian assistance and the media is severely restricted in Rakhine State. Needs can therefore not be fully assessed nor addressed.

2.  The EU has called on all sides to bring an immediate end to all violence. It urges the Myanmar/Burma military to end its operations and to ensure the protection of all civilians without discrimination and to fully observe international human rights law. The EU also reiterates its call on the Myanmar/Burma government to take all measures to defuse tensions between communities; grant full, safe and unconditional humanitarian access without delay, including for UN, ICRC, and international NGOs; and establish a credible and practical process to enable the safe, voluntary, dignified, and sustainable return of all those who fled their homes to their places of origin. The EU has stepped up its humanitarian assistance for Rohingya refugees in Bangladesh and stands ready to extend its activities in Rakhine State in favour of all people in need once access is granted.

3.  The EU and its Member States reconfirm their strong engagement underlined in its Strategy on Myanmar (June 2016) to support the country's democratic transition, peace, national reconciliation and socio-economic development. In this context, the EU stands ready to support the government of Myanmar/Burma in order to ensure the swift and full implementation of the recommendations of the Advisory Commission on Rakhine State, including the crucial issue of citizenship for the stateless Rohingya population. The EU welcomes that the government has set-up an Inter-Ministerial Committee for the implementation of these recommendations.

4.  The EU welcomes the State Counsellor's commitment to bringing all the perpetrators of human rights violations and other criminal acts to justice, in accordance with the rule of law to avoid all impunity, and her statement on 19 September that Myanmar/Burma does not fear international scrutiny. Credible allegations of serious human rights violations and abuses, including brutal attacks on children, must be thoroughly investigated. In this context the EU urges Myanmar/Burma to cooperate fully with the Human Rights Council's independent international Fact-Finding Mission and to allow it full, safe and unhindered access to the country without delay. The EU welcomes that the UN Human Rights Council recently extended the mandate of the Fact-Finding Mission.

5.  Furthermore, the EU encourages Myanmar/Burma to enter into a dialogue with its neighbouring countries, in particular Bangladesh, on finding solutions to common concerns, notably the repatriation of refugees to their place of origin, in the spirit of good neighbourly relations. The EU appreciates the constructive role played by Bangladesh under difficult circumstances.

6.  In the light of the disproportionate use of force carried out by the security forces, the EU and its Member States will suspend invitations to the Commander-in-chief of the Myanmar/Burma armed forces and other senior military officers and review all practical defence cooperation. The EU confirms the relevance of the current EU restrictive measures which consist of an embargo on arms and on equipment that can be used for internal repression. The Council may consider additional measures if the situation does not improve but also stands ready to respond accordingly to positive developments.

7.  The humanitarian situation of populations affected by conflict in Kachin and Shan States, including 100.000 internally displaced people, is also of great concern. Humanitarian assistance has also been severely curtailed there and the EU calls on the government of Myanmar/Burma to restore humanitarian access to all communities affected in these areas.

8.  The EU will continue to address these vital issues and all challenges linked to the process of democratic transition in the framework of its continuing engagement with the government of Myanmar/Burma and in all relevant international fora, notably the UN. The EU also intends to seize the opportunity of the forthcoming ASEM Foreign Ministerial Meeting (Nay Pyi Taw, 20/21 November 2017) to engage, in the margins thereof, in a constructive dialogue with the government and will also continue to liaise with all Asian partners in this regard. The EU also encourages its partners in ASEAN and the region to engage in this process."

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Afghanistan: Council adopts EU strategy

The Council adopted conclusions on an EU strategy on Afghanistan. The Council reconfirmed the EU's and member states' long-term commitment to promoting peace, stability and prosperity in Afghanistan and to support its sustainable development.

The strategy on Afghanistan focuses on four priority areas: promoting peace, stability and regional security, reinforcing democracy, the rule of law and human rights and promoting good governance and women's empowerment, supporting economic and human development, addressing challenges related to migration.

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Sabine Lautenschläger: Dealing with a globalised banking sector
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EU Commission: Shift to sustainable food system in Europe is possible, but faces challenges

Shift to sustainable food system in Europe is possible, but faces challenges

Making Europe's production, consumption and trade in food environmentally sustainable is possible, but it will require a major shift in public attitudes, policies and knowledge and seizing current opportunities for change, according to a European Environment Agency (EEA) report published today.

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Iran nuclear deal: EU statement on the Joint Comprehensive Plan of Action

1. The JCPOA, the culmination of 12 years of diplomacy facilitated by the EU, unanimously endorsed by UN Security Council Resolution 2231, is a key element of the nuclear non-proliferation global architecture and crucial for the security of the region. Its successful implementation continues to ensure that Iran's nuclear programme remains exclusively peaceful. The EU underlines that the International Atomic Energy Agency has verified 8 times that Iran is implementing all its nuclear related commitments following a comprehensive and strict monitoring system.

2. The EU is committed to the continued full and effective implementation of all parts of the JCPOA. The EU underlines that the lifting of nuclear related sanctions has a positive impact on trade and economic relations with Iran including benefits for the Iranian people. It strengthens cooperation and allows for continuous dialogue with Iran.

3. The European Union considers President Trump's decision not to certify Iran's compliance with the Joint Comprehensive plan of action (JCPOA) as being in the context of an internal US process. The EU encourages the US to maintain its commitment to the JCPOA and to consider the implications for the security of the US, its partners and the region before taking further steps.

4. While the EU expresses its concerns related to ballistic missiles and increasing  tensions in the region, it reiterates the need to address them outside the JCPOA, in the relevant formats and fora . The EU stands ready to actively promote and support initiatives to ensure a more stable, peaceful and secure regional environment.

5. At a time of acute nuclear threat the EU is determined to preserve the JCPOA as a key pillar of the international non-proliferation architecture.

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Deal on the agricultural aspects of the Omnibus regulation confirmed

On 16 October 2017 member states represented in the Special Committee on Agriculture endorsed the deal on the so-called Omnibus regulation.
The Omnibus regulation amends the financial regulation governing the implementation of the EU budget as well as 15 sectorial legislative acts, including in the field of agriculture.
The presidency had reached a provisional agreement on the Omnibus regulation with the European Parliament on 12 October.

The agreed rules will simplify the Common Agricultural Policy (CAP) through a series of technical improvements to the four CAP regulations: direct payments, rural development, common market organisation and horizontal regulation: 

Direct payments

  • active farmer: the distinction between active and non-active farmers becomes optional, thereby allowing those member states where it resulted in excessive administrative burden, to discontinue it
  • permanent grassland: current rules are modified so as to provide greater flexibility for member states in implementing the requirement
  • reduction of payments: the agreement confirms the possibility for member states to review their decisions on the reduction of direct payments on an annual basis
  • greening: areas farmed with plant varieties such as silvergrass (miscanthus) and silphion (silphium perfoliotum), as well as land left fallow for melliferous plants will also be considered as ecological focus
  • young farmers: payments for young farmers will be granted for five years from the submission date, as long as the submission was made within five years from the setting up of the farm. In addition, member states may increase young farmers' payments in the first pillar up to 50% within the existing ceilings
  • voluntary coupled support: member states will be able to review their decision annually

 Common market organisation

  • value sharing: the possibility to collectively negotiate value sharing terms in contracts will be extended to sectors other than sugar and will have a voluntary nature
  • producer organisation (POs): institutions decided to stick to the status quo concerning the voluntary recognition of POs, the requirement by which their economic activity must be genuine, and the derogation foreseen for the milk sector. The proposal to add a new category of organisations ("bargaining organisations") was not retained
  • POs and competition rules: some POs' prerogatives such as planning production, optimising production costs, placing on the market and negotiating contracts for the supply of agricultural products on behalf of members, already existing in sectors such as olive oil, beef and arable crops, will be extended to all sectors with a view to improving the position of farmers in the supply chain. In light of such extension, it was also decided to add to the article on producer organisations some safeguards to guarantee that competition is not excluded
  • fruit and vegetables' operational programmes, wine and import quotas: the agreed rules provide for a simplification and technical improvements in these fields
  • crisis management: the proposal for a voluntary production reduction scheme in times of crisis was not retained, thereby postponing the debate on the subject to the upcoming review of the CAP post 2020

 Rural development

  • income stabilisation tool: while the support linked to the general income stabilisation tool will continue to be triggered when the farmer's income drops by more than 30% of his/her average annual income, the threshold for the new sector-specific tool will be 20%. Similarly support for insurance contracts which cover for, among others, losses caused by adverse climatic events, will become available when more than 20% of the average annual production of the farmer is destroyed
  • financial instruments: several changes are made to the rules to be respected by financial instruments to promote their use and harmonise them with other EU Structural and Investment Funds

 Horizontal regulation

  • crisis reserve: while no changes were made to the current rules, the Commission undertook in a statement to review the operation of the reserve in the context of the preparations for the next multiannual financial framework with a view to allowing an efficient and timely intervention in times of market crisis
  • 50/50 rule: the proposal to eliminate the so-called "50/50 rule" was not retained. Member states and the EU budget will keep sharing equally the financial consequences of sums lost as a result of irregularities and not recovered within a reasonable period
  • financial discipline: the existing procedure ensuring that the expenditure under the provisions of the CAP does not exceed the limits specified in the EU budget, was simplified and will be managed by the Commission alone
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Statement by Commissioner for Humanitarian Aid and Crisis Management Christos Stylianides on the deadly forest fires and storms in several Member States

European Commission - Statement Brussels, 16 October 2017 "Today all our thoughts are with our citizens who are suffering from the devastating forest fires in Portugal and Spain and the storms affecting Ireland and the United Kingdom.

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ESMA launches key MiFID II and MAR financial instrument reference database

ESMA launches key MiFID II and MAR financial instrument reference database

Monday 16 October 2017 20:22

The European Securities and Markets Authority (ESMA) has today launched the second phase of its Financial Instrument Reference Database (FIRDS). The launch involves providing access to the database containing the currently available reference data that will eventually enable market participants to identify instruments subject to MAR and MiFID II/MiFIR reference data reporting requirements. This will allow market participants to prepare their reporting systems ahead of the go-live date on 3 January 2018.

The advance publication of this data will facilitate markets participants' preparation of their systems to fulfil future reporting obligations to national competent authorities (NCAs) under MiFIDII/MiFIR. ESMA has also published...

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GreenPeace: Federal Court Dismisses Racketeering Case Against Greenpeace

Federal Court Dismisses Racketeering Case Against Greenpeace
SAN FRANCISCO, 16 October 2017 -- Today, the United States District Court for the Northern District of California dismissed all claims in the controversial case that major logging company Resolute Forest Products [2] filed against Greenpeace Inc., Greenpeace Fund, and Greenpeace International, Stand.earth and individual defendants, including claims under the Racketeer Influenced and Corrupt Organizations (RICO) act. The court's decision sends a clear message to corporations that attacks on core democratic values like freedom of speech and legitimate advocacy on issues of public interest will not be tolerated. District Judge Jon S. Tigar wrote in his order dismissing the case that "the...
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Monday, 16 October 2017

EU Commission: 17 October: International Day for the Eradication of Poverty - Downward trend in the share of persons ...

17 October: International Day for the Eradication of Poverty - Downward trend in the share of persons at risk of poverty or social exclusion in the EU - But still over 115 million people in this situation

European Commission - EUROSTAT Brussels, 16 October 2017 In 2016, 117.5 million people, or 23.4% of the population, in the European Union (EU)were at risk of poverty or social exclusion. This means that they were in at least one of the following three conditions: at-risk-of-poverty after social transfers (income poverty),...

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August 2017 - Euro area international trade in goods surplus €16.1 bn - €5.1 bn deficit for EU28

European Commission - EUROSTAT August 2017 - August 2017 - Brussels, 16 October 2017 The first estimate for euro area (EA19) exports of goods to the rest of the world in August 2017 was €171.5 billion, an increase of 6.8% compared with August 2016 (€160.6 bn).

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Daily News 16 / 10 / 2017

European Commission - Daily News Daily News 16 / 10 / 2017 Brussels, 16 October 2017 Eurostat: 17 octobre: journée internationale pour l'élimination de la pauvreté - Tendance à la baisse pour la proportion de personnes menacées de pauvreté ou d'exclusion sociale dans l'UE En 2016, 117.5 millions de personnes,...

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Official Publications 5.2017

The Official Publication of the CPVO 5.2017 and the S2 Publication have been published and are available for free in electronic format only (PDF).

You may download both publications from the Official publications.

A search tool is available to identify these modifications on the web site of the Office: S2 Publication

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Vacancy notice - Traineeship - HR profile (deadline: 06/11/2017)

Monday 16 October 2017 15:51

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GOGL - Announcement of commencement of equity offering

Golden Ocean Group Limited    

Published: 22:02 CEST 16-10-2017 /GlobeNewswire /Source: Golden Ocean Group Limited / : GOGL /ISIN: BMG396372051

GOGL - Announcement of commencement of equity offering

Golden Ocean Group Limited (NASDAQ and OSE: GOGL) ("Golden Ocean" or the "Company") today announced that it has commenced an equity offering (the "Offering") for issue of new common shares (the "New Shares") of the Company for gross proceeds of approximately USD 66 million. In addition to the Offering, the Company expects to issue additional new common shares with an estimated value of USD 34 million, at a per-share price equal to the offer price in the Offering, to Hemen Holding Limited, a Company indirectly controlled by trusts established by Mr John Fredriksen for the benefit of his immediate family ("Hemen") as partial consideration for two modern Capesize vessels to be acquired from affiliated companies of Hemen, as previously announced (the "Equity in-kind Contribution"). The Offering and the Equity in-kind Contribution are expected to result in approximately USD 100 million of aggregate gross equity proceeds to the Company. The Company has engaged DNB Markets Inc., Arctic Securities LLC and Seaport Global Securities LLC (the "Placement Agents") as placement agents in connection with the Offering.

The Offering will be directed towards institutional investors subject to applicable exemptions from European prospectus requirements. The minimum application and allocation amount has been set to the USD equivalent of EUR 100,000, provided that the Company reserves the right to, at its sole discretion, allocate lower amounts to investors to the extent applicable exemptions from the prospectus requirement pursuant to applicable regulations, including the Norwegian Securities Trading Act and ancillary regulations, are available.

The Company intends to use a portion of the net proceeds of the Offering for payment of the cash portion payable for the vessels to be acquired from affiliated companies of Hemen, as announced today, and to use the balance for general corporate purposes. 

The purchase price and number of New Shares issued in the Offering will be determined through an accelerated bookbuilding process. The bookbuilding period will start on October 16, 2017 at 4:00 pm New York time (10:00 pm Oslo time) and is expected to end on October 17, 2017 at 2:00 am New York time (08:00 am Oslo time). The Company reserves the right to close or extend the bookbuilding period at any time in its sole discretion, at short notice.

The Placement Agents have prior to the launch of the Offering received significant indications of interest from investors to subscribe in the Offering for an amount well exceeding the transaction size.

The allocation of the New Shares will be made at the sole discretion of the Company in consultation with the Placement Agents, on or about October 17, 2017, subject to any shortening or extension of the bookbuilding period.

The New Shares allocated in the Offering are expected to be delivered against payment on or about October 19, 2017. The New Shares will commence to trade under the Company's ordinary trading symbol "GOGL" on NASDAQ on or about October 17, 2017, and can be traded on the Oslo Stock Exchange from on or about October 19, 2017 (expected from US markets open) subject to investors having made necessary arrangements to transfer shares from the Depository Trust Company in the US to the Norwegian Central Securities Depository (the VPS).

Important Information for Investors and Shareholders

The Offering will be made only by means of an application agreement, a term sheet and a prospectus supplement and accompanying base prospectus. A prospectus supplement related to the offering has been filed with the U.S. Securities and Exchange Commission (the "SEC") and is available on the SEC's website located at www.sec.gov.  Copies of the prospectus supplement and the accompanying base prospectus relating to the Offering may be obtained from contacting DNB Markets Inc. at 200 Park Ave, Floor 31, New York, NY 10166, telephone: +1 212 681 3800. This offering will be made pursuant to the Company's existing shelf registration statement on Form F-3 (Registration No. 333-211365) previously filed with the SEC and declared effective.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

The Board of Directors

Golden Ocean Group Limited

 

Contact Persons:

Birgitte Ringstad Vartdal, CEO, Golden Ocean Management AS

+47 22 01 73 53

 

Per Heiberg, CFO, Golden Ocean Management AS

+47 22 01 73 45

 

 

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements, which include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. Words such as "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions.  Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.

In addition to these important factors and matters discussed elsewhere herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter hire rates and vessel values, changes in demand in the dry bulk market, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our  vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents, political events or acts by terrorists, and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission.

This information is subject to the disclosure requirements of section 5-12 of the Norwegian Securities Trading Act..





This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of Nasdaq Corporate Solutions clients. Source: Golden Ocean Group Limited, P.O. Box HM 1593, Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton HM 08, Bermuda
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GOGL - Acquisition of two modern Capesize vessels and termination of waiver restrictions

Golden Ocean Group Limited    

Published: 22:01 CEST 16-10-2017 /GlobeNewswire /Source: Golden Ocean Group Limited / : GOGL /ISIN: BMG396372051

GOGL - Acquisition of two modern Capesize vessels and termination of waiver restrictions

Golden Ocean Group Limited (NASDAQ and OSE: GOGL) ("Golden Ocean" or the "Company") today announced that it has agreed to acquire two modern Capesize vessels from affiliates of Hemen Holding Limited, a company indirectely controlled by trusts established by Mr John Fredriksen for the benefit of his immediate family ("Hemen"), the Company's largest shareholder, at a purchase price of USD 43.0 million per vessel.

As settlement of the purchase price for the vessels, the Company will enter into a non-amortizing seller's credit loan with an affiliate of Hemen for 50% of the purchase price, which bears interest at LIBOR + 3.00% per annum and matures three years after delivery of the vessels. The remaining part of the purchase price will be settled on delivery of the vessels with an estimated USD 9.0 million of cash and an estimated USD 34.0 million of newly-issued common shares of the Company at a per-share price equal to the offer price in an expected equity offering. Following completion of the acquisition and expected equity offering, Hemen, together with certain of its affiliates, will maintain its current ownership percentage of approximately 34.2% of the Company's issued and outstanding common shares.

Birgitte Ringstad Vartdal, CEO of Golden Ocean Management AS, commented:

"We are pleased to be in the position to acquire high quality, modern Capesize vessels that are expected to generate free cash flow immediately upon delivery.  This transaction is consistent with our strategy of focusing our commercial efforts on the vessel segments that we believe will provide the greatest leverage to a recovery in the dry bulk shipping market. Golden Ocean's financial position has been enhanced significantly over the past 12 months. With a strong cash balance we intend to terminate the covenant waivers related to the Company's recourse debt upon completion of the expected equity offering.  This will reinstate the normal covenants, which the Company is now in compliance with, and remove the Company's restrictions on new acquisitions, new debt and dividend payments. The waiver structure in the non-recourse debt related to the transactions announced in March 2017 will remain."

Completion of the vessel acquisition is subject to completion of an equity offering and entry into the seller's credit loan, as described above, and other customary closing conditions. The vessels are expected to be delivered within four months of the date hereof.

About Golden Ocean

Golden Ocean, a leading dry bulk shipping company, owns or controls a modern fleet of 73 vessels and five Capesize newbuilding contracts, on a fully-delivered basis, and reflecting the acquisitions announced above. Golden Ocean's fleet will have an aggregate carrying capacity of approximately 10.7 million deadweight tons ("DWT") and an average age of less than 5 years. Golden Ocean's significant scale is further enhanced by its commercial platform, which manages 41 additional vessels on behalf of third parties. Golden Ocean is listed on the NASDAQ and Oslo Stock Exchange under the symbol 'GOGL'.

The Board of Directors

Golden Ocean Group Limited

 

Contact Persons:

Birgitte Ringstad Vartdal, CEO, Golden Ocean Management AS

+47 22 01 73 53

 

Per Heiberg: CFO, Golden Ocean Management AS

+47 22 01 73 45

  

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements, which include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. Words such as "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions.  Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.

In addition to these important factors and matters discussed elsewhere herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter hire rates and vessel values, changes in demand in the dry bulk market, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our  vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents, political events or acts by terrorists, and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission.

This information is subject to the disclosure requirements of section 5-12 of the Norwegian Securities Trading Act.





This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of Nasdaq Corporate Solutions clients. Source: Golden Ocean Group Limited, P.O. Box HM 1593, Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton HM 08, Bermuda
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