Home Greece Paul Wogan, CEO of GasLog welcomes the Hong Kong Tung family as...

Paul Wogan, CEO of GasLog welcomes the Hong Kong Tung family as new shareholders

GasLog Ltd. today announced that the company has sold 14,400,000 common shares at a price of $2.50 per share for total gross proceeds of $36.0 million through a private placement of unregistered common shares (the “Private Placement”). The net proceeds of the Private Placement are expected to be used for general corporate purposes. Approximately 75% of shares issued in the Private Placement were purchased by GasLog’s directors and affiliates, including 6,500,000 common shares purchased by Blenheim Holdings Ltd, wholly owned by the Livanos family and 4,000,000 common shares purchased by a wholly owned affiliate of the Onassis Foundation. In addition, members of the Tung family, whose roots in shipping date back over 70 years, purchased common shares in the Private Placement.

GasLog has agreed to enter into a registration rights agreement with the purchasers in the Private Placement other than Blenheim Holdings Ltd., pursuant to which GasLog will agree to file and maintain a registration statement with respect to the resale of the common shares on the terms set forth therein. Blenheim Holdings Ltd has agreed not to sell the shares being purchased in the Private Placement for a period of 180 days.

Our first quarter results announcement set out a series of management actions to address the unprecedented market disruption caused by the COVID 19 pandemic. We also updated the market on the progress of the refinancing of our 2021 debt maturities and the status of our interest rate and foreign exchange swap exposures.

In order to further supplement the management actions announced on May 6, 2020, the Board has decided to raise $36 million, or 17.8% percent of shares outstanding of the Company prior to the Private Placement, to increase liquidity and further strengthen the capital structure of GasLog.

The Board decided to execute the financing on a private placement basis with its core shareholders in order to provide both certainty and minimise any disruption against a volatile market backdrop.

Paul Wogan, CEO of GasLog said “I’m delighted that our two major shareholders have provided this level of support to the Company at this time – they have been a constant source of support since the IPO in 2012. I’m also pleased to welcome the Tung family, with their long maritime history and roots in Asia, as shareholders. We look forward to working with them to deliver the value inherent in the GasLog fleet and our leading operating and commercial platform.”

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