Filed
by Cadeler A/S
Pursuant
to Rule 425 under the Securities Act of 1933, as amended
and
deemed filed pursuant to Rule 14d-2 of the Securities Exchange Act of 1934, as amended
Subject
Company: Eneti Inc.
Commission
File No.: 001-36231
Press Release
Combination process of Cadeler and Eneti remains on track: Key filing
submitted to SEC
Today, the F-4 registration statement was publicly filed with the
United States Securities and Exchange Commission (SEC) in respect of the proposed business combination of Cadeler and Eneti. The completion
of the proposed transaction remains subject to customary closing conditions, including the approval of Eneti’s shareholders, the
combination is expected to close within Q4 2023.
Mikkel Gleerup, CEO of Cadeler said: “We are very pleased to announce that we are proceeding according to plan with expected completion
in Q4. This is a strategic combination that will unlock unrivalled value due to increased cross-utilization of resources and improved
flexibility, capacity, and agility. The combination will provide customers with the largest and most diverse fleet of jack up vessels
in the industry, operated by highly skilled teams with unique expertise and track records”.
Emanuele Lauro, CEO of Eneti said: ”The combination will offer our customers a new degree of flexibility and supply-certainty from
a contractor with vast operating experience in the industry and access to a diverse fleet of capable assets, operated by a highly skilled
team. The combination will enable the combined company to operate more efficiently, and target still larger and more complex projects
as requested by customers”.
The combined group will be named Cadeler and will be headquartered in Copenhagen, Denmark, with Mikkel Gleerup continuing as CEO and
Peter Brogaard Hansen continuing as CFO.
Post combination, Cadeler and Eneti shareholders will own approximately
60% and 40% of the combined company, respectively, using the share counts as of 16 June 2023 and assuming all outstanding Eneti shares
are exchanged for Cadeler shares in an exchange ratio of 3.409 Cadeler shares for every Eneti share.
The business agreement combination is unanimously supported by the
Board of Directors of both Eneti and Cadeler. Upon regulatory approval, the shareholders of Eneti will receive the tender offer.
Prior to closing of the proposed
business combination, the two companies will remain entirely separate, operating independently of one another.
|
|
Date:
19 October 2023
Cadeler A/S
Fairway House
Arne Jacobsens Allé 7
DK-2300 Copenhagen S
Denmark
+45 3246 3100
cadeler.com
CVR. No. 31180503
|
About Cadeler A/S:
Cadeler A/S is a key supplier within the offshore wind industry for
installation services and marine and engineering operations with a strong focus on safety and the environment. Cadeler’s experience
as provider of high-quality offshore wind support services, combined with innovative vessel designs, positions the company to deliver
premium services to the industry. Cadeler facilitates the global energy transition towards a future built on renewable energy. Cadeler
is listed on the Oslo Stock Exchange (ticker CADLR).
Visit www.cadeler.com
for more information
For further information, please contact:
Mikkel Gleerup, CEO
+45 3246 3102
mikkel.gleerup@cadeler.com
Additional Information and Where to Find It
Important Additional Information Will be Filed with
the SEC
This communication is not a prospectus but relates to the proposed
business combination of Cadeler A/S (“Cadeler”) and Eneti Inc. (“Eneti”), which will include an offer by Cadeler
to exchange all of the issued and outstanding shares of Eneti for shares or American Depositary Shares (“ADSs”) representing
shares in Cadeler. The exchange offer has not yet commenced. This communication is for informational purposes only and is neither an
offer to purchase nor a solicitation of an offer to sell shares, nor is it a substitute for any offer materials that Cadeler or Eneti
may file with the U.S. Securities and Exchange Commission (the “SEC”). Prior to the commencement of the exchange offer, Cadeler
will file (1) a Registration Statement on Form F-4 that will include an offering prospectus with respect to the shares/ADSs to be offered
in the exchange offer, (2) a Registration Statement on Form F-6 to register any ADSs to be offered as consideration pursuant to the terms
of the offer and (3) a Tender Offer Statement on Schedule TO, and Eneti will file a Solicitation/Recommendation Statement on Schedule
14D-9, in each case with respect to the exchange offer. Should Cadeler and Eneti proceed with the proposed transaction, such formal decision
is conditional on approval of a prospectus approved in accordance with Regulation (EU) No. 2017/1129 of 14 June 2017 (the “Prospectus
Regulation”) or a document that satisfies the exemptions in article 1, paragraph 4, subparagraph m and paragraph 5, subparagraph
e of the Prospectus Regulation, by the Danish Financial Supervisory Authority (the Danish FSA). This communication does not contain
all the information that should be considered concerning the proposed transaction and is not intended to form the basis of any investment
decision or any other decision in respect of the proposed transaction. INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE REGISTRATION
STATEMENT/PROSPECTUS, THE EXCHANGE OFFER MATERIALS (INCLUDING THE OFFER TO EXCHANGE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER
EXCHANGE OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT, IF AND WHEN THEY BECOME AVAILABLE, AND ANY OTHER DOCUMENTS FILED
BY EACH OF CADELER AND ENETI WITH THE SEC, OR APPROVED BY THE DANISH FSA, IN CONNECTION WITH THE PROPOSED BUSINESS COMBINATION (INCLUDING
THE EXCHANGE OFFER) OR INCORPORATED BY REFERENCE THEREIN CAREFULLY AND IN THEIR ENTIRETY AS THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION
ABOUT CADELER, ENETI, THE PROPOSED TRANSACTION AND RELATED MATTERS THAT HOLDERS OF THE COMPANY’S SECURITIES SHOULD CONSIDER BEFORE
MAKING ANY DECISION REGARDING EXCHANGING THEIR SECURITIES. Investors and stockholders will be able to obtain the registration statement/prospectus,
the exchange offer materials (including the offer to exchange, a related letter of transmittal and certain other exchange offer documents),
and the solicitation/recommendation statement, if and when they become available, and other documents filed with the SEC by Cadeler and
Eneti at no cost to them through the website maintained by the SEC at www.sec.gov.
In addition, investors and stockholders will be able to obtain copies of any document filed with the SEC by Cadeler free of charge from
Cadeler’s website at www.cadeler.com, copies of any document filed with the SEC
by Eneti free of charge from Eneti’s website at www.eneti-inc.com. The contents
of this communication should not be construed as financial, legal, business, investment, tax or other professional advice. Each recipient
should consult with its own professional advisors for any such matter and advice.
No Offer or Solicitation
This communication is not intended to and does not constitute an offer
to sell or the solicitation of an offer to subscribe for, exchange or buy or an invitation to purchase, exchange or subscribe for any
securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transaction or otherwise, nor shall there be any
sale, issuance or transfer of securities in any jurisdiction, in each case in contravention of applicable law. No offer of securities
shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act and applicable European or
UK, as appropriate, regulations. Subject to certain exceptions to be approved by the relevant regulators or certain facts to be ascertained,
the public offer will not be made directly or indirectly, in or into any jurisdiction where to do so would constitute a violation of the
laws of such jurisdiction, or by use of the mails or by any means or instrumentality (including without limitation, facsimile transmission,
telephone and the internet) of interstate or foreign commerce, or any facility of a national securities exchange, of any such jurisdiction.
This communication is addressed to and directed only at, persons who
are outside the United Kingdom or, in the United Kingdom, at authorised or exempt persons within the meaning of the Financial Services
and Markets Act 2000 or persons who have professional experience in matters relating to investments falling within Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), persons falling within Article 49(2)(a)
to (d) of the Order or persons to whom it may otherwise lawfully be communicated pursuant to the Order, (all such persons together being
referred to as, “Relevant Persons”). This presentation is directed only at Relevant Persons. Other persons should not act
or rely on this presentation or any of its contents. Any investment or investment activity to which this presentation relates is available
only to Relevant Persons and will be engaged in only with such persons. Solicitations resulting from this presentation will only be responded
to if the person concerned is a Relevant Person.
Market Data
Information provided herein as it relates to the market environment
in which each of Cadeler and Eneti operate or any market developments or trends is based on data and reports prepared by third parties
and/or Cadeler or Eneti based on internal information and information derived from such third-party sources. Third party industry publications,
studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that
there is no guarantee of the accuracy or completeness of such data.
Forward-Looking Statements
This communication includes forward-looking statements within the meaning
of the federal securities laws (including Section 27A of the United States Securities Act of 1933, as amended, the “Securities Act”)
with respect to the proposed transaction between Eneti and Cadeler, including statements regarding the benefits of the transaction, the
anticipated timing of the transaction, the products and services offered by Eneti and Cadeler and the markets in which they operate, and
Eneti’s and Cadeler’s projected future financial and operating results. These forward-looking statements are generally identified
by terminology such as “believe,” “may,” “will,” “potentially,” “estimate,”
“continue,” “anticipate,” “intend,” “could,” “would,” “should,”
“project,” “target,” “plan,” “expect,” or the negatives of these terms or variations of
them or similar terminology. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking
statements are based upon current expectations, beliefs, estimates and assumptions that, while considered reasonable as and when made
by Eneti and its management, and Cadeler and its management, as the case may be. Such forward-looking statements are subject to risks,
uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking
statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks
and uncertainties. Neither Eneti nor Cadeler undertake any obligation to update any such statements in light of any future event or circumstance,
or to conform such statements to actual results. Past performance should not be relied upon, and is not, a guarantee of future performance.
Many factors could cause actual future events to differ materially
from the forward-looking statements in this presentation, including but not limited to: (i) the risk that the transaction may not be
completed in a timely manner or at all, which may adversely affect the price of Eneti’s and Cadeler’s securities, (ii) the
failure to satisfy the conditions to the consummation of the transaction, including the acceptance of the proposed exchange offer by
the requisite number of Eneti shareholders and the receipt of certain governmental and regulatory approvals, (iii) general domestic and
international political conditions or hostilities, including the war between Russia and Ukraine; (iv) the occurrence of any event, change
or other circumstance that could give rise to the termination of the business combination agreement, (v) the effects of public health
threats, pandemics and epidemics, and the adverse impact thereof on Eneti’s or Cadeler’s business, financial condition and
results of operations, (vi) the effect of the announcement or pendency of the transaction on Eneti’s or Cadeler’s business
relationships, performance, and business generally, (vii) risks that the proposed transaction disrupts current plans of Eneti or Cadeler
and potential difficulties in Eneti’s or Cadeler’s employee retention as a result of the proposed transaction, (viii) the
outcome of any legal proceedings that may be instituted against Eneti or Cadeler related to the business combination agreement or the
proposed transaction or as a result of the operation of their respective businesses, (ix) the risk that Cadeler is unable to list the
ADSs to be offered as consideration, or the underlying shares in Cadeler, on the New York Stock Exchange or the Oslo Stock Exchange,
as applicable, (x) volatility in the price of the combined company’s securities due to a variety of factors, including changes
in the competitive markets in which the combined company plans to operate, variations in performance across competitors, changes in laws
and regulations affecting such business and changes in the combined capital structure, (xi) factors affecting the duration of contracts,
the actual amount of downtime and the respective backlogs of Eneti and Cadeler, (xii) factors that reduce applicable dayrates or contract
profitability, operating hazards inherent to offshore operations and delays, (xiii) dependency on third parties in relation to, for example,
technical, maintenance and other commercial services, (xiv) risks associated with operations outside the US, actions by regulatory authorities,
credit rating agencies, customers, joint venture partners, contractors, lenders and other third parties, legislation and regulations
affecting the combined company’s operations, compliance with regulatory requirements, violations of anti-corruption laws, shipyard
risk and timing, hurricanes and other weather conditions, and the future price of energy commodities, (xv) the ability to implement business
plans, forecasts, and other expectations (including with respect to synergies and financial and operational metrics, such as EBITDA and
free cash flow) after the completion of the proposed transaction, and to identify and realize additional opportunities, (xvi) the failure
to realize anticipated benefits of the proposed transaction, (xvii) risks related to the ability to correctly estimate operating expenses
and expenses associated with the business combination, (xviii) risks related to the ability to project future cash utilization and reserves
needed for contingent future liabilities and business operations, (xix) the potential impact of announcement or consummation of the proposed
transaction on relationships with third parties, (xx) changes in law or regulations affecting Eneti, Cadeler or the combined company,
(xxi) international, national or local economic, social or political conditions that could adversely affect the companies and their business,
(xxii) dependency on Eneti and Cadeler’s customers, (xxiii) volatility in demand, increased competition or reduction in contract
values, (xxiv) the risk that technological progress might render the technologies used by each of Cadeler and Eneti obsolete, (xxv) conditions
in the credit markets that may negatively affect the companies and their business, (xxvi) risks deriving from the restrictive covenants
and conditions relevant to Eneti and Cadeler’s financing and their respective ability to obtain future financing, including for
remaining installations on ordered newbuild vessels, (xxvii) risks associated with assumptions that parties make in connection with the
parties’ critical accounting estimates and other judgements, (xxviii) the risk that Eneti and Cadeler have a limited number of
vessels and are vulnerable in the event of a loss of revenue relating to any such vessel(s), (xxix) risks relating to delays in, or increases
in the cost of, already ordered newbuild vessels and the risk of a failure to obtain contracts for such newbuild vessels and (xxx) risks
associated with changes in exchange rates including the USD/NOK and USD/EUR rates. The foregoing list of factors is not exhaustive and
the factors identified are not set out in any particular order. There can be no assurance that future developments affecting Eneti, Cadeler
or the combined company will be those that the companies have anticipated.
These forward-looking statements involve a number of risks, uncertainties
(some of which are beyond Eneti’s or Cadeler’s control) or other assumptions that may cause actual results or performance
to be materially different from those expressed or implied by these forward-looking statements or from our historical experience and our
present expectations or projects. You should carefully consider the foregoing factors and the other risks and uncertainties that affect
the parties’ businesses, including those described in Eneti’s Annual Report on Form 20-F, Current Reports on Form 6-K and
other documents filed from time to time by Eneti with the SEC and those described in Cadeler’s annual reports, relevant reports
and other documents published from time to time by Cadeler. Eneti and Cadeler wish to caution you not to place undue reliance on any forward-looking
statements, which speak only as of the date hereof. This communication and related materials speak only as of the date hereof and
except as required by law, Eneti and Cadeler are not undertaking any obligation to update or revise any forward-looking statements whether
as a result of new information, future events or otherwise.
Eneti (NYSE:NETI)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Eneti (NYSE:NETI)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024