The agreement contains a condition in which a mandatory default prepayment shall occur if Thoresen Thai Agencies holds less than 52% of the total issued share capital of Mermaid Maritime.
In such an event, the aggregate level of facilities that may be affected is approximately US$10 million, of which none has been drawn or remains outstanding as at Dec 26.
Thoresen has been a strategic shareholder of Mermaid Maritime since 1995 and became the company’s majority shareholder in 2005.
Shares in Mermaid Maritime closed 0.1 cents lower or 1.03% down at 9.6 cents on Dec 26.
