Hamilton, Bermuda, 21 October 2025
Bruton Limited (Euronext Growth Oslo: BRUT) (the "Company") hereby refers to
its press releases on 13 October 2025 and 20 October 2025 regarding a private
placement (the "Private Placement") of the NOK equivalent of up to USD 100
million in new Norwegian Depository Receipts ("NDRs") representing new
underlying common shares on a one-to-one basis (the "Private Placement
Shares").
The Private Placement has now been completed and the Company has resolved to
increase the amount of the Private Placement to the NOK equivalent of
approximately USD 110 million. In total, 25 636 900 Private Placement Shares
have been allocated at USD 4.29 per share (the "Offer Price").
Notice of conditional allocation and payment instructions to the applicants in
the Private Placement will be communicated by the Managers (as defined below)
on or about 22 October 2025. Delivery of the Private Placement Shares
allocated in the Private Placement is expected to be settled through a
delivery versus payment ("DVP"), expected on or about 24 October 2025. The
Private Placement Shares are expected to be pre-paid by the Managers, pursuant
to a pre-payment arrangement, to facilitate prompt issue of the Private
Placement Shares.
The completion of the Private Placement is subject to customary conditions,
including the issuance of the Private Placement Shares, and the due
registration of the Private Placement Shares in Euronext VPS as NDRs.
The NDRs issued for the Private Placement Shares are not tradeable on Euronext
Growth Oslo before the share capital increase pertaining to the Private
Placement Shares has been completed and the NDRs have been registered in the
Norwegian Central Securities Depository (Euronext Securities Oslo or the
"VPS"). The Company will announce when such registration has taken place.
The Board has carefully considered the structure of the equity raise in light
of the applicable rules and regulations concerning equal treatment. The Board
is of the view that it will be in the common interest of the Company and its
shareholders to raise equity through a private placement, in particular
because the Private Placement enables the Company to secure equity financing
to accommodate the Company's funding requirements. Further, a private
placement will reduce execution and completion risk, as it enables the Company
to raise equity efficiently and in a timely manner, with a lower discount to
the current trading price, at a lower cost and with a significantly reduced
completion risk compared to a rights issue. It has also been taken into
consideration that the Private Placement is based on a publicly announced
accelerated bookbuilding process.
Advisors
Clarksons Securities AS is acting as Global Coordinator and Joint Bookrunner
and ABG Sundal Collier ASA, Arctic Securities AS, DNB Carnegie, a part of DNB
Bank ASA, and Fearnley Securities AS are acting as Joint Bookrunners (together
the "Managers"). Ro Sommernes advokatfirma DA is acting as legal advisor to
the Company in connection with the Private Placement.
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and subject to the disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act. This stock exchange
notice was published by Vidar Hasund, Contracted Chief Financial Officer, on
the date and time as set out in the release.
About Bruton Limited:
Bruton Limited is an industrial player incorporated in Bermuda and seeking to
make strategic investments in the shipping, offshore and energy sectors,
currently focusing on its VLCC newbuilding program.