15.10.2007 - HCI HAMMONIA SHIPPING AG
The introduction of institutional investors into the containership market
October 15th, 2007 - The HCI HAMMONIA SHIPPING AG is shortly going public; the subscription period closes on October 30th, 2007. The marketing is to be effected by the HSH Nordbank, the Nord LB and the HCI Capital AG. Aim is to raise around EUR 130–150 million capital equity. The HCI HAMMONIA SHIPPING AG is specialised in the needs of institutional investors, so that the investors will primarily be made up of German and Austrian pension funds, insurances, savings banks and banks. At a price of EUR 1.100 per share, and a quorum of 500 units, the stock of the HCI HAMMONIA SHIPPING AG will be emitted and offered for subscription. In November, the stock shall be traded in the regulated market of the Hanseatic Bond Stock Exchange in Hamburg.
The operations will be carried out exclusively by HAMMONIA Reederei GmbH & Co. KG, who will offer their services in the future, through HCI HAMMONIA SHIPPING AG and their institutional investors, to an even wider distribution of clientele. The HCI Capital AG, one of the leading bank neutral issuing houses in Germany, is responsible for the customer liaison and support of the investors, they are - and are in charge of more than 90.000 clients. HCI Capital is listed since October 2005 and they are represented in the SDAX. At the conception of emission eight vessels in the portfolio – For eight Container vessels, sale contracts could already be closed in the run-up and these at a very reasonable price. The eight vessels consist of two 3.100 TEU container vessels which were built in 2003 and six 2.500 TEU newbuilding container vessels, which will be delivered successively between December 2007 and January 2009. As in the long-run the aim is to reach an outside financing of 70%, this means that the HCI HAMMONIA SHIPPING AG was, at the time of emission already invested up to 60-70%. With this they differ significantly from other offered institutional investor structures in the inland and countries abroad.
Through the HAMMONIA Reederei and the Peter Döhle Group, the HCI HAMMONIA SHIPPING AG has a good access to shipyards and international Sales & Purchase markets, so that in the event of a successful stock market flotation, new vessels can be promptly contracted, e.g. from the existing order book of the HAMMONIA Reederei. Employment - The vessels of the HCI HAMMONIA SHIPPING AG will all be operated in pools, to balance floating charter rates and possible loss of income. The Pools will be supervised by the renowned Peter Döhle Schiffahrts KG. All eight vessels are already confirmed pool-members and have, as of their delivery, a secured cash flow. Prognosis – The object is it to attain a long-term constantly increasing value of the HCI HAMMONIA SHIPPING AG stock and a regular dividend at a level of 6,5 % of the stock capital, including the legal reserves of the AG. Based on the conservative economic assumptions in the issue prospectus that have been made, and the market developing very positively, there is a good chance to exceed the planned result of the basic calculation and to reach a sustainable growth in the value the stock.
