Rickmers Maritime announces S$102 million rights issue

Rickmers Trust Management Pte. Ltd., as trustee- manager of Rickmers Maritime , announces that RM is undertaking a non-underwritten renounceable rights issue to raise gross proceeds of up to approximately S$101.7 million (US $81.5 million), the company reports. The Rights Issue will be offered on a 1-for-1 basis at an issue price of S$0.240 per unit. This represents a discount of 33.3% to the closing price of S$0.360 per unit on the Singapore Exchange Securities Trading Limited on 18 March 2013, and a discount of 20.0% to the theoretical ex -rights price of S$0.300 per unit (the “TERP”).