|Bid||10.27 x 800|
|Ask||10.30 x 1100|
|Day's Range||10.20 - 10.30|
|52 Week Range||9.72 - 10.75|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||84.96|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Twelve Seas Investment Company (“Twelve Seas”) (BROG), a company formed for the purpose of entering into a business combination, and Brooge Petroleum and Gas Investment Company FZE (“BPGIC”), a United Arab Emirates (“UAE”) company in the oil storage and services business, announced that Brooge Holdings Limited (“Brooge Holdings”) has filed today with the U.S. Securities and Exchange Commission (the “SEC”), an amended Registration Statement on Form F-4 (the “Registration Statement”) and an amended proxy statement related to their previously announced business combination. Brooge Holdings has informed Twelve Seas that it intends to engage in discussions with certain investors and potential investors of Twelve Seas, regarding Brooge Holdings paying a quarterly dividend to its public shareholders following the consummation of the business combination.
Twelve Seas Investment Company (Nasdaq: BROGU, BROG, BROGW and BROGR) ("Twelve Seas") today announced that it has set a shareholder record date of November 15, 2019 (the "Record Date") to determine holders eligible for voting shares at the extraordinary general meeting of shareholders of Twelve Seas relating to the previously announced business combination between Twelve Seas and Brooge Petroleum And Gas Investment Company FZE ("BPGIC"), an oil storage business strategically located in the Port of Fujairah in the United Arab Emirates (the "UAE"). Completion of the proposed business combination is subject to approval by the shareholders of Twelve Seas and certain other conditions, including the combined company having at least $125 million in cash at closing.
The Recent Public Filings contained the first public announcement that BPGIC has executed an initial lease agreement for new land in the Port of Fujairah, UAE, near its existing facilities, which can accommodate its planned Phase III. BPGIC currently intends to use such land to (i) further increase its capacity for crude oil storage and services by developing additional capacity, and (ii) if needed, host the remaining 90% of the refinery facilities contemplated under the refinery and services agreement and related agreements with Sahara Energy Resources DMCC. BPGIC expects that Phase III alone could add storage and services capacity of up to three and half (3.5) times, or up to 3.5 million m3, the size of BPGIC’s projected operations post-Phase II, which will be 1 million m3. BPGIC believes it could execute a final lease agreement, which would permit commencing plans and construction, for this land sometime in 2019, but there can be no assurances that this will occur.