Twelve Seas and Brooge Holdings Announce Irrevocable Waiver of Net Cash Closing Condition

NEW YORK, Dec. 10, 2019 (GLOBE NEWSWIRE) -- Twelve Seas Investment Company (“Twelve Seas”) (NASDAQ: 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, based on discussions with certain investors and in order to provide further clarity to the marketplace, Twelve Seas, Brooge Holdings Limited (“Brooge Holdings”), BPGIC and BPGIC Holdings Limited, a Cayman Islands exempted company (“Seller”) have agreed to irrevocably waive the condition to closing contained in the Business Combination Agreement dated April 15, 2019 (as amended, the “Business Combination Agreement”) which requires the Closing Net Cash (as defined in the Business Combination Agreement) to be at least $125,000,000.

As previously disclosed, the Extraordinary General Meeting of the shareholders of Twelve Seas to vote on the business combination will be held at 10:00 a.m. Eastern Time, on December 17, 2019, at the offices of Ellenoff Grossman & Schole LLP, 1345 Avenue of the Americas, 11th Floor, New York, NY 10105.
  
About BPGIC

BPGIC was founded in 2013 to capitalize on an anticipated need for oil storage capacity at the Port of Fujairah, in the UAE, which was expected to become an important oil hub. Today, the Port of Fujairah is one of the most attractive storage hubs and a key strategic trading node globally. Twelve Seas’ management believes that BPGIC’s award winning state-of-the-art terminals offer the industry’s most advanced technologies, ensuring the highest level of service to clients. BPGIC is developing terminals in phases and aims to have a total capacity of 1 million m³ following the scheduled completion of the second phase of construction in Q2 2020. If Phase III is completed successfully as planned, BPGIC would become the largest oil storage and services business in Fujairah, almost double that of its nearest competitor in the Port of Fujairah.

BPGIC also focuses on value added services to its customers including: Blending, Heating, Inter-tank transfer and Throughput transfer. BPGIC is fully compliant with current environmental standards.

Following the closing of the business combination (the “business combination”) contemplated by the Business Combination Agreement, BPGIC will continue to be led by its current management team of Nicolaas Paardenkooper, as Chief Executive Officer, Saleh Yammout, as Chief Financial Officer, Lina Saheb, as Chief Strategy Officer, and they will be joined by  Faisal El Selim, as Chief Marketing Officer. BPGIC will remain headquartered in Fujairah, UAE.