As announced on 1 February 2016 Bulk Invest ASA (formerly Western Bulk ASA, the 'Company') has executed a sale and purchase agreement in respect of its 100% owned subsidiary Western Bulk Chartering AS ('WB Chartering') with Kistefos Equity Operations AS, an entity wholly controlled by Kistefos AS (the 'Purchaser'), following an accelerated auction process involving identified interested parties (the 'Transaction').

As described in an extended stock exchange notice sent out on 4 February 2016, the Transaction was approved by the Company's extraordinary general meeting on 3 February 2016. The Transaction was further conditional upon approval from the Company's bondholders that the Purchaser assumes the debtor position from the Company under the MNOK 300 senior unsecured bond issue with ISIN NO 001067557.2 (the 'Bond Issue').

The Company has now received undertakings from bondholders representing more than 2/3 majority of the bondholders' meeting that they will vote in favour of the necessary amendments to the Bond Issue. The Purchaser has therefore lifted its completion conditions and the transfer of the shares in WB Chartering is expected to be completed on or about 8 February 2016. The Company will receive MUSD 10 of the cash consideration on completion and the remaining MUSD 6 on 2 March 2016.

Following the transfer of the shares, WB Chartering will be an independently operating entity wholly controlled by Kistefos AS. Kistefos AS has informed Bulk Invest ASA that it intends to offer the existing shareholders of Western Bulk ASA to acquire a pro rata portion of the Western Bulk Chartering Group. Further information about this offer, including information as to the record date, will be communicated in due course.

For more information, please contact:
Jens Ismar, Chief Executive Officer
Tel: +47 9009 0897
E-mail: jens.ismar@westernbulk.com

Håvard Furu, Chief Financial Officer
Tel: +47 9912 3443
E-mail: havard.furu@westernbulk.com

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

Bulk Invest ASA issued this content on 05 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 23 February 2016 14:29:28 UTC

Original Document: http://www.westernbulk.com/release?xml=http://cws.huginonline.com/B/158865/PR/201602/1984078.xml