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$30.8 million, of which US$21.9 million has been drawn and remains outstanding as at Dec 4.
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 higher or 1.12% up at 9 cents on Dec 4.
