Cadeler’s Board of Directors announced the nomination of Andreas Sohmen-Pao as the new Chairman of the Board of Directors for the upcoming election at Cadeler’s Annual General Meeting on April 29th, 2021. Following the proposed change, BW will be represented by 2 Directors, and Swire by 1 Director (2 currently).
Cadeler has also been informed by Swire Pacific Offshore Operations Pte Ltd. (“SPO”) and BW Wind Services Pte. Ltd. (“BW”), its two largest shareholders, that they are currently in preliminary discussions on the sale of shares from SPO to BW pursuant to the rights of first refusal and under the exemption from the lock-up undertaking by SPO. The two shareholders have informed Cadeler that the discussions are subject to final agreement, but that any transfer of shares will entail (i) BW having a total holding of shares and voting rights in the Company below the 1/3 threshold which would trigger a mandatory general offer, and (ii) that SPO will continue to hold more than 25% of the share capital and voting rights, so no “change of control” provisions would be triggered.