The useful vessels are at the moment owned by Strategic Delivery (SSI), a privately held firm managed by MTM. The 15 handysize vessels are valued at roughly US$295 million, inclusive of vessel-related financing agreements of roughly US$102 million, leading to a complete web asset worth of US$193 million.
As consideration, Pangaea will concern roughly 19 million shares of its widespread inventory to SSI equal to roughly 29 per cent of the corporate’s excellent widespread inventory upon completion of the proposed transaction, which represents the relative web asset worth of SSI’s vessels in comparison with the estimated web asset worth of Pangaea of roughly US$478 million, or about US$10.20 per share.
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