F-1/A 1 df1a.htm AMENDMENT NO. 4 TO FORM F-1 Amendment No. 4 to Form F-1

As filed with the U.S. Securities and Exchange Commission on March 30, 2010.

Registration No. 333-164940

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

AMENDMENT NO. 4

TO

FORM F-1

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

 

 

SCORPIO TANKERS INC.

(Exact name of Registrant as specified in its charter)

 

 

 

Republic of The Marshall Islands   4412   N/A

(State or other jurisdiction of

incorporation or organization)

 

(Primary Standard Industrial

Classification Code Number)

 

(I.R.S. Employer

Identification No.)

9, Boulevard Charles III

Monaco 98000

+377-9798-5716

   

Seward & Kissel LLP

Attention: Lawrence Rutkowski, Esq.

One Battery Park Plaza

New York, New York 10004

(212) 574-1206

(Address and telephone number of

Registrant’s principal executive offices)

   

(Name, address and telephone

number of agent for service)

 

 

Copies to:

 

Lawrence Rutkowski, Esq.

Seward & Kissel LLP

One Battery Park Plaza

New York, New York 10004

(212) 574-1206 (telephone number)

(212) 480-8421 (facsimile number)

 

Richard D. Truesdell, Jr., Esq.

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, NY 10017

212-450-4000 (telephone number)

212-701-5800 (facsimile number)

 

 

Approximate date of commencement of proposed sale to the public: As soon as practicable after this Registration Statement becomes effective.

If any of the securities being registered on this Form are being offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act, check the following box.    ¨

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.    ¨

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.    ¨

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.    ¨

 

 

CALCULATION OF REGISTRATION FEE

 

 
Title of Each Class of Securities to be Registered  

Amount to be

Registered(1)

 

Proposed

Maximum

Offering Price

Per Security(1)

 

Proposed Maximum

Aggregate

Offering Price(1)(2)

 

Amount of

Registration Fee

Common Shares, $0.01 par value per share

  14,375,000   $16   $230,000,000   $16,399(3)
 
 
(1) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(a) under the Securities Act based on an estimate of the proposed maximum aggregate offering price.
(2) Includes common shares that may be sold pursuant to the underwriters’ over-allotment option.
(3) Previously Paid.

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.

 

 

 


EXPLANATORY NOTE

This Amendment No. 4 to the Registration Statement on Form F-1 of Scorpio Tankers Inc. (“Amendment No. 4”) does not relate to our preliminary prospectus which is not amended hereby. As such, this Amendment No. 4 does not include a copy of our preliminary prospectus. This Amendment No. 4 is being filed solely for the purpose of filing Exhibits 5.1 and 8.1 to the Registration Statement.


PART II: INFORMATION NOT REQUIRED IN THE PROSPECTUS

 

Item 6. Indemnification of Directors and Officers

The bylaws of the Registrant provide that every director and officer of the Registrant shall be indemnified out of the funds of the Registrant against:

 

  (1) all civil liabilities, loss, damage or expense (including but not limited to liabilities under contract, tort and statute or any applicable foreign law or regulation and all reasonable legal and other costs and expenses properly payable) incurred or suffered by him as such director or officer acting in the reasonable belief that he has been so appointed or elected notwithstanding any defect in such appointment or election, provided always that such indemnity shall not extend to any matter which would render it void pursuant to any Marshall Islands statute from time to time in force concerning companies insofar as the same applies to the Registrant; and

 

  (2) all liabilities incurred by him as such director or officer in defending any proceedings, whether civil or criminal, in which judgment is given in his favor, or in which he is acquitted, or in connection with any application under any Marshall Islands statute from time to time in force concerning companies in which relief from liability is granted to him by the court.

The BCA authorizes corporations to limit or eliminate the personal liability of directors and officers to corporations and their stockholders for monetary damages for breaches of directors’ fiduciary duties. Our Amended and Restated Articles of Incorporation and bylaws include a provision that eliminates the personal liability of directors for monetary damages for actions taken as a director to the fullest extent permitted by law.

Our bylaws provide that we must indemnify our directors and officers to the fullest extent authorized by law. We are also expressly authorized to advance certain expenses (including attorney’s fees and disbursements and court costs) to our directors and offices and carry directors’ and officers’ insurance providing indemnification for our directors, officers and certain employees for some liabilities. We believe that these indemnification provisions and insurance are useful to attract and retain qualified directors and executive officers.

The limitation of liability and indemnification provisions in our Amended and Restated Articles of Incorporation and bylaws may discourage stockholders from bringing a lawsuit against directors for breach of their fiduciary duty. These provisions may also have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. In addition, your investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.

There is currently no pending material litigation or proceeding involving any of our directors, officers or employees for which indemnification is sought.

Section 60 of the BCA provides as follows:

Indemnification of directors and officers:

 

(1)

Actions not by or in right of the corporation. A corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably

 

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believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of no contest, or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceedings, had reasonable cause to believe that his conduct was unlawful.

 

(2) Actions by or in right of the corporation. A corporation shall have the power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys’ fees) actually and reasonably incurred by him or in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not, opposed to the best interests of the corporation and except that no indemnification shall be made in respect of any claims, issue or matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of his duty to the corporation unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the court shall deem proper.

 

(3) When director or officer successful. To the extent that a director or officer of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections (1) or (2) of this section, or in the defense of a claim, issue or matter therein, he shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection therewith.

 

(4) Payment of expenses in advance. Expenses incurred in defending a civil or criminal action, suit or proceeding may be paid in advance of the final disposition of such action, suit or proceeding as authorized by the board of directors in the specific case upon receipt of an undertaking by or on behalf of the director or officer to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the corporation as authorized in this section.

 

(5) Indemnification pursuant to other rights. The indemnification and advancement of expenses provided by, or granted pursuant to, the other subsections of this section shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office.

 

(6) Continuation of indemnification. The indemnification and advancement of expenses provided by, or granted pursuant to, this section shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.

 

(7) Insurance. A corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director or officer of the corporation or is or was serving at the request of the corporation as a director or officer against any liability asserted against him and incurred by him in such capacity whether or not the corporation would have the power to indemnify him against such liability under the provisions of this section.

 

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Item 7. Recent Sales of Unregistered Securities.

On October 1, 2009, we issued 1,500 shares of common stock to Scorpio Owning Holding Ltd., a subsidiary of Liberty, which is an affiliate within the Scorpio Group, for aggregate consideration of $1,500.

On November 18, 2009, the outstanding balances of our shareholder payable and related party payable as of November 18, 2009 of $46.3 million were converted to equity as a capital contribution, in the amount of $18,865,930 for the shareholder payable to Simon, and in the amount of $27,406,408 for the related party payable to Iceberg Shipping Limited, a subsidiary of Liberty. These payables were converted to equity as a capital contribution and did not include the issuance of any unregistered securities.

The following table sets forth all private sales of our shares of our common stock since inception:

 

Securities Sold

   Date Sold    Consideration
Per Share
   Total
Consideration
   Registration
Exemption
   Purchasers
1,500 Shares of common stock    October 1, 2009    $1 per share    $1,500    Section 4(2)
of the
Securities Act
   Scorpio Owning
Holding Ltd.

 

Item 8. Exhibits and Financial Statement Schedules

 

Exhibit
Number

  

Description

*1   

Form of Underwriting Agreement

**3.1   

Amended and Restated Articles of Incorporation of the Company

**3.2   

Form of Amended and Restated Bylaws of the Company

**4.1   

Form of Stock Certificate

5.1    Opinion of Seward & Kissel LLP, Marshall Islands counsel to the Company, as to the validity of the common stock
8.1    Tax Opinion of Seward & Kissel LLP
**10.1    Administrative Services Agreement between the Company and Liberty Holding Company Ltd.
**10.2   

Time Charter Agreement of Noemi Shipping Company Limited

**10.3    Time Charter Agreement of Senatore Shipping Company Limited
**10.4   

Form of Memorandum of Agreement

**10.5   

Commercial Management Agreement between Noemi Shipping Company Limited and SCM

**10.6   

Commercial Management Agreement between Senatore Shipping Company Limited and SCM

**10.7    Commercial Management Agreement between Venice Shipping Company Limited and SCM
**10.8    Technical Management Agreement between Noemi Shipping Company Limited and SSM
**10.9    Technical Management Agreement between Senatore Shipping Company Limited and SSM
**10.10    Technical Management Agreement between Venice Shipping Company Limited and SSM
**10.11   

Commitment Letter for New 2010 Credit Facility

**10.12   

Loan Agreement for 2005 Credit Facility

**10.13   

Form of Equity Incentive Plan

**21   

Subsidiaries of the Company

**23.1    Consent of Seward & Kissel LLP
**23.2    Consent of Deloitte LLP, independent registered public accounting firm
**23.3    Consent of Fearnley Fonds ASA

 

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Exhibit
Number

  

Description

**23.4   

Consent of Alexandre Albertini

**23.5   

Consent of Ademaro Lanzara

**23.6   

Consent of Donald C. Trauscht

**23.7   

Consent of Drewry Shipping Consultants Ltd.

    24.1   

Powers of Attorney (included on the signature page hereto).

 

  * To be filed by subsequent amendment.
  ** Previously filed.

 

Item 9. Undertakings

The undersigned registrant hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreements certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

 

  (1) For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

 

  (2) For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

 

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SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this Amendment No. 4 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City and Country of Monaco, on the 30th day of March, 2010.

 

SCORPIO TANKERS INC.
By:  

/s/    EMANUELE A. LAURO        

Name:     Emanuele A. Lauro
Title:     Chairman & Chief Executive Officer

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Lawrence Rutkowski and Edward Horton, or either of them, with full power to act alone, his or her true lawful attorneys-in-fact and agents, with full powers of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments or supplements to this registration statement, whether pre-effective or post-effective, including any subsequent registration statement for the same offering which may be filed under Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing necessary to be done, as fully for all intents and purposes as he or she might or could do in person hereby ratifying and confirming all that said attorneys-in-fact and agents, or his substitute, may lawfully do or cause to be done by virtue hereof.

In accordance with the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons on March 30, 2010 in the capacities indicated.

 

Signature

  

Title

/s/    EMANUELE A. LAURO        

Emanuele A. Lauro

  

Chairman & Chief Executive Officer

(Principal Executive Officer)

/s/    ROBERT BUGBEE        

Robert Bugbee

   Director & President

/s/    BRIAN LEE        

Brian Lee

  

Chief Financial Officer

(Principal Financial Officer,

Principal Accounting Officer)

 

   Director

 

   Director

 

   Director


SIGNATURE OF AUTHORIZED REPRESENTATIVE OF THE REGISTRANT

Pursuant to the Securities Act of 1933, as amended, the undersigned, a duly authorized representative of Scorpio Tankers Inc. in the U.S., has signed this Amendment No. 4 to the Registration Statement on Form F-1 in the City of New York, State of New York on the 30th day of March, 2010.

 

STING LLC

By:   Scorpio Tankers Inc., its Sole Member
By:  

/s/    ROBERT BUGBEE        

Name:   Robert Bugbee
Title:   President