Camillo Eitzen Hits the Bourse - Eitzen group

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Camillo Eitzen & Co ASA Dedication and Dynamics It is truly amazing to write Eitzen News No. 2 as a stock listed company; something which was not at all in our minds at the time of issuing No. 1 in November of last year. Dedication and dynamics are important virtues of our company and organisation, and I think our development during the first half year of 2004 clearly supports our promises of the Eitzen Group branding platform with the necessary action. WE DELIVER Eitzen News August 2004 No. 2 Published by: Camillo Eitzen & Co AS Camillo Eitzen House Smakkedalen 8 DK-2820 Gentofte Denmark Telephone +45 7733 8600 Editor: Peer Harms Larsen Lay out: Anne Kok Front cover: The Stock Exchange in Oslo Contents: Dedication and Dynamics Initial Public Offering (IPO) Navale Française Naviera Quimica Launching “SICHEM PALACE” Board of Directors Delivery “SIBULK TRADITION” Delivery “SICHEM PEARL” New Era in Gas TESMA on the Move www.eitzen-group.com JAF 2004 Personalia Firstly the Eitzen Group has been divided into a non-shipping entity and a pure shipping company, and thereafter the shipping company has been successfully listed at the Oslo Stock Exchange through an IPO. I am extremely happy to have been able to strengthen our platform for further expansion through the above process, and I believe we thereby have every possibility to successfully develop each of our segments and their organisations, into market leading entities. As a stock listed company, we want to continue our philosophy from earlier: We want to be a diversified and fully integrated shipping company. We want to focus on long term development rather than short term adjustments, how ever we would like to be opportunistic if we believe same to be right. We would like to expand both through organic as well as non organic growth. We want to focus on consolidation effects within our segments and want to optimize synergies, both commercial as well as technical. We want to have focus on our most valued resources; the human resource. The multinational integration of new colleagues and organisations into the Eitzen Group with our vision and values shall have our continued and full attention. We want to combine the daily operation with elements of asset play. We want to focus on shareholder values in addition to declaring yearly dividends. We want to be active and have fun. Parallel with the IPO, we have been reorganizing the ownership model of Eitzen Bulk, increased our ownership in Sigloo Gas KS, as well as investing as the managing partner with 25 % in Parmar KS owning 9 MR product tankers on 5 year bareboat charter. Additionally we have invested in the chemical market and I am very happy to welcome and introduce the organisations of Naviera Quimica and Navale Française. With these two chemical companies, based in Spain and France; the Eitzen Group exposure to the chemical markets is expanded up to 27 vessels. The shipping markets in dry bulk have experienced amazing development since last autumn, with historically high rates paid in all sizes, and significant deterioration thereafter, and we are very happy that Eitzen Bulk's strategy with strict exposure control still is able to generate such positive results in these highly volatile markets, and that our position going forward is strong and well balanced. I would like to use this opportunity to thank the whole organisation, but in particular the administration, finance and accounting department in Copenhagen for their enormous efforts in producing all the figures, real and proforma, during these processes our Group has been through the last years. Your contribution has been essential in establishing our stock listed platform for Camillo Eitzen & Co ASA. I am very much looking forward to the future that lies ahead of us, and truly believe we will prove and continue to make a difference. Thank you and very best regards Axel C. Eitzen Managing Director 2 Eitzen News
Camillo Eitzen & Co ASA IPO By Snorre Krogstad, Chief Financial Officer, CECo, Oslo After two months of hard work for a number of people involved in the IPO (Initial Public Offering), Camillo Eitzen & Co ASA was ready for listing at Oslo Stock Exchange on Monday 28th June 2004 at 10:00. The floating of the shares commenced when Axel C. Eitzen proudly rang the bell at the opening of the trading day. The bell symbolized the end of a period of hard work; writing prospectus, establishing the new company structure, putting together pro forma accounts for the consolidated company, and a two week "roadshow" giving presentations to investors in Oslo, London, New York, Copenhagen and Stockholm. The ringing further symbolized the end of a family owned company and the beginning of a new period as a public stock listed company trading under the ticker "CECO". The share was priced to NOK 35 per share and a total of 8,602,561 shares were issued. The total share capital was after the IPO NOK 153,012,805 equaling 30,602,561 shares divided on approximately 200 shareholders, fully paid. The market capitalization based on NOK 35 per share was approximately NOK 1.1 billion. Furthermore, we are very pleased to see that so many of the employees subscribed for the stock. This shows the other investors that we have confidence in our ability to be profitable. After the first day of listing, the price of the stock has developed firmly, reaching a temporarily high of NOK 38.90 per share on 4th July. (In order to follow the stock price please see http://www.oslobors.no/ob/ and insert CECO at the open area after "Ticker") We would like to take the opportunity to thank everyone for an outstanding job and effort in connection with the IPO, especially the investment bankers at Pareto represented by Erik Holsten and Elisabeth Wiger, the lawyers at Wikborg Rein represented by Trond Eilertsen, Are Zachariassen and Alexander Lund, the auditors at Ernst & Young Johnny Duedahl and Sondre Kvaalen, and last but not least Pia Lindberg and her co-workers in Copenhagen. The IPO has given Camillo Eitzen & Co ASA a firm platform for further expansion within its core shipping activities, enhancing the ability to develop cost efficient and value added shipping related services to our customers, and creating value added investments to the shareholders. Name Number of shares % Eitzen Holding AS 22,001,000 72,0% Orkla 1,500,000 4,9% Ospraie 878,570 2,9% Polaris 828,570 2,7% Pareto Aksje 642,860 2,1% Bergesen d.y. ASA 607,140 2,0% Premier Limited 600,000 2,0% Fritt Ord 428,570 1,4% Gambak 428,570 1,4% Lannebo Fonder 285,000 0,9% 3
Page 1: Eitzen News AUGUST 2004 No. 2 Camil
Page 5 and 6: Naviera Quimica COLIBRI Naviera Qui
Page 7 and 8: In connection with the Stock listin
Page 9 and 10: First Stainless Steel Chemical Carr
Page 11 and 12: TESMA on the Move By Per Sennicksen
Page 13 and 14: T&E Cup 2004 Eitzen Bulk Signing 2
Page 15 and 16: Shipboard Education of Eitzen Bulk

Camillo Eitzen Hits the Bourse - Eitzen group

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