Report

Hafnia’s acquisition offer undervalues Ardmore Shipping

Ardmore Shipping (Ardmore) issued a press release on 6 July 2020 suggesting that Hafnia Limited (Hafnia) had approached it with an
unsolicited acquisition offer on 19 June 2020. In an all-stock transaction, Hafnia planned to offer 2.4 shares of Hafnia for one share of
Ardmore. This would translate into an implied price of USD 3.87 per share as per Ardmore. Ardmore has rejected the acquisition proposal,
highlighting that the proposal substantially undervalued the company and was opportunistic. Using NAV valuation methodology, we
believe Hafnia’s offer significantly undervalues Ardmore.
Provider
Drewry Maritime Equity Research
Drewry Maritime Equity Research

Drewry, since 1970, has been providing research and advisory services on the global Maritime and Shipping industries and has established itself as a firm with long history of credibility and expertise on various aspects of the maritime industry. Leveraging this in-depth market knowledge and understanding, we have extended our offering to deliver a unique, independent investment research service on globally listed companies operating in the maritime industry. Under the brand Drewry Maritime Equity Research and in accordance with the FCA, DMER led by Rahul Kapoor and his team, offers fundamental analysis on listed companies. DMER analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. By combining these market-leading resources with seasoned sector expertise and commercial awareness, we are able to offer a highly differentiated and comprehensive investment research service to prospective investors in listed maritime companies. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Analysts
Santosh Gupta

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