2020 Bulkers Sets September 22 Record Date as Shareholders Weigh $406 Million AHTS Pivot
Published on 09/21/2026 at 07:01 | Editorial boerse-global.de
Investors in 2020 Bulkers have until the close of business on Tuesday, September 22, 2026, to be on the register if they want a say in the company's most consequential decision in years. That cutoff determines who may vote and attend the extraordinary general meeting scheduled for September 29, 2026, in Oslo, which gets underway at 16:00 CEST.
The gathering is the formal hurdle standing between the shipping company and a sweeping repositioning of its fleet toward offshore anchor-handling tug supply vessels. Word of the strategy first surfaced last Thursday, and the market's verdict was swift and harsh: the shares have shed 36.5 percent since the announcement.
Up to 15 Vessels on the Table
At the heart of the proposal sits a non-binding letter of intent with the owners of AHTS AS. The deal envisions 2020 Bulkers acquiring every outstanding share of AHTS AS along with five project companies, giving it a fleet of as many as 15 large AHTS units.
AHTS AS already runs seven large vessels of this class and has purchase contracts in place for three more. The remaining exposure comes through stakes in five project vehicles — UMAS 42 AS, UMAS 49 AS, Anchor Launcher AS, Anchor Challenger AS and Anchor Australia AS — each of which holds either an AHTS ship or a corresponding acquisition contract.
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Assuming all the project companies are fully acquired, the aggregate purchase price comes to roughly USD 406 million on a debt-free, cash-free basis.
Funding Package Tops USD 485 Million
Management has assembled a financing structure worth approximately USD 485 million to carry the plan through. The single largest component is a contribution in kind via newly issued shares, valued at about USD 200 million — a move that settles a substantial slice of the purchase price in equity, preserves liquidity and ties the existing vessel owners directly to the enlarged fleet's fortunes. The same package is also meant to cover the refinancing of certain target vessel entities as well as additional working capital and consolidation costs.
The rest of the capital requirement leans on debt and a market transaction. A new loan facility of up to USD 160 million is planned, incorporating a USD 40 million revolving credit facility (RCF/SPS) that would be undrawn at closing. On top of that, a private placement is expected to raise approximately USD 125 million.
A broad syndicate of banks has already been mandated to handle the equity raise. Arctic Securities AS, Clarksons Securities AS, Fearnley Securities AS, Pareto Securities AS and DNB Carnegie, part of DNB Bank ASA, are serving as joint bookrunners. Negotiations over the up-to-USD 160 million bank financing are ongoing.
Who Owns AHTS AS
The ownership map of AHTS AS matters for the vote. MH Capital AS, Songa Capital AS and Uthalden AS each hold 31.7 percent, while Drew Holding Ltd. accounts for the remaining 4.7 percent. MH Capital AS is owned by chairman Magnus Halvorsen and his family.
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Beyond shareholder approval in Oslo, the transaction also needs the formal green light from the exchange operator. 2020 Bulkers intends to keep its listing on Euronext Oslo Børs once every step of the deal has been completed.
What Comes Next
The September 29 meeting provides the legal foundation for the entire transaction, and Tuesday's record date settles which investors get to cast a ballot. Separately from the ship deal, the company has already penciled in its next fixed date on the financial calendar: third-quarter 2026 results are due on November 25, 2026.
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