Form 20-F Ardmore Shipping Corp For: Dec 31

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March 11, 2022 4:32 PM EST

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Exhibit 2.2

DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

As of December 31, 2021, Ardmore Shipping Corporation (“we,” “us” and “our”) had one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): our common stock, par value $0.01 per share.

DESCRIPTION OF COMMON STOCK

The following description is a summary of the material provisions of our common stock, including the rights, preferences and restrictions attaching to our common stock. Because the following is a summary, it does not contain all information that an investor may find useful. For more complete information, please read our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws, each of which is incorporated by reference as an exhibit to the Annual Report on Form 20-F of which this Exhibit 2.2 is a part.

Authorized Capital Stock

Under our Amended and Restated Articles of Incorporation, our authorized capital stock consists of 225,000,000 common shares, par value $0.01 per share, of which 36,383,937 shares were issued and 34,363,884 were outstanding as of December 31, 2021, and 25,000,000 preferred shares, par value $0.01 per share, of which 40,000 shares were issued and 40,000 were outstanding as of December 31, 2021.

Common Shares

Each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders. Subject to any preferences that may be applicable to any outstanding preferred shares, holders of common shares are entitled to receive ratably all dividends, if any, declared by our board of directors out of funds legally available for dividends. Upon our dissolution or liquidation or the sale of all or substantially all of our assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred shares having liquidation preferences, if any, the holders of our common shares are entitled to receive pro rata our remaining assets available for distribution. Holders of common shares do not have conversion, redemption or pre-emptive rights to subscribe for any of our securities. The rights, preferences and privileges of holders of common shares are subject to the rights of the holders of any preferred shares.

Preferred Shares

Our Amended and Restated Articles of Incorporation authorize our board of directors to establish one or more series of preferred shares and to determine, with respect to any series of preferred shares, the terms and rights of that series, including:

●	the designation of the series;

●	the number of shares of the series;

●	the preferences and relative, participating, option or other special rights, if any, and any qualifications, limitations or restrictions of such series; and

●	the voting rights, if any, of the holders of the series.

One series of preferred shares has been established: the 8.5% Cumulative Redeemable Perpetual Preferred Shares—Series A (the “Series A Preferred Shares”). 40,000 Series A Preferred Shares were issued and 40,000 Series A Preferred Shares were outstanding as of December 31, 2021. For more information, including the rights, preferences and restrictions attaching to our Series A Preferred Shares, please read our Statement of Designation of the 8.5% Cumulative Redeemable Perpetual Preferred Shares—Series A of the Company, which is incorporated by reference as an exhibit to the Annual Report on Form 20-F of which this Exhibit 2.2 is a part.

Limitations

There are no limitations on the rights to own our securities, including the rights of non-resident or foreign shareholders to hold or exercise voting rights on the securities, imposed by the laws of the Republic of The Marshall Islands or by our Amended and Restated Articles of Incorporation or Amended and Restated Bylaws.

Registrar and Transfer Agent

The registrar and transfer agent for our common shares is Computershare Trust Company N.A.

Listing

Our common shares are currently listed on the NYSE under the symbol “ASC.”

Anti-takeover Effect of Certain Provisions of Our Organizational Documents

Several provisions of our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws, which are summarized below, may have anti-takeover effects. These provisions are intended to avoid costly takeover battles, lessen our vulnerability to a hostile change of control and enhance the ability of our board of directors to maximize shareholder value in connection with any unsolicited offer to acquire us. However, these anti-takeover provisions, which are summarized below, could also discourage, delay or prevent (a) the merger or acquisition of us by means of a tender offer, a proxy contest or otherwise that a shareholder may consider in its best interest or (b) the removal of incumbent officers and directors.

Blank Check Preferred Shares

Under the terms of our Amended and Restated Articles of Incorporation, our board of directors has authority, without any further vote or action by our shareholders, to issue up to 25,000,000 blank check preferred shares. Our board of directors may issue preferred shares on terms calculated to discourage, delay or prevent a change of control of us or the removal of our management.

Election and Removal of Directors

Our Amended and Restated Articles of Incorporation prohibit cumulative voting in the election of directors. Our Amended and Restated Bylaws require parties other than the board of directors to give advance written notice of nominations for the election of directors. Our Amended and Restated Articles of Incorporation also provide that our directors may be removed only for cause upon the affirmative vote of not less than two-thirds of the outstanding shares of our capital stock entitled to vote for those directors. These provisions may discourage, delay or prevent the removal of incumbent officers and directors.

Classified Board of Directors

Our Amended and Restated Articles of Incorporation provide for the division of our board of directors into three classes of directors, with each class as nearly equal in number as possible, serving staggered three-year terms. Accordingly, approximately one-third of our board of directors generally will be elected each year. This classified board provision could discourage a third party from making a tender offer for our shares or attempting to obtain control of us. It could also delay shareholders who do not agree with the policies of our board of directors from removing a majority of our board of directors for two years.

Limited Actions by Shareholders

Our Amended and Restated Articles of Incorporation and our Amended and Restated Bylaws provide that any action required or permitted to be taken by our shareholders must be effected at an annual or special meeting of shareholders or by the unanimous written consent of our shareholders. Our Amended and Restated Articles of Incorporation and our Amended and Restated Bylaws provide that, unless otherwise prescribed by law, only a majority of our board of directors, the chair of our board of directors or the president of the Company may call special meetings of our shareholders and the business transacted at the special meeting is limited to the purposes stated in the notice. Accordingly, a shareholder may

be prevented from calling a special meeting for shareholder consideration of a proposal over the opposition of our board of directors and shareholder consideration of a proposal may be delayed until the next annual meeting.

Advance Notice Requirements for Shareholder Proposals and Director Nominations

Our Amended and Restated Bylaws provide that shareholders seeking to nominate candidates for election as directors or to bring business before an annual meeting of shareholders must provide timely notice of their proposal in writing to the corporate secretary. Generally, to be timely, a shareholder’s notice must be received at our principal executive offices not less than 120 days nor more than 150 days prior to the one-year anniversary of the immediately preceding annual meeting of shareholders. Our Amended and Restated Bylaws also specify requirements as to the form and content of a shareholder’s notice. These provisions may impede shareholders’ ability to bring matters before an annual meeting of shareholders or make nominations for directors at an annual meeting of shareholders.

Business Combinations

Although the BCA does not contain specific provisions regarding “business combinations” between companies organized under the laws of the Republic of the Marshall Islands and “interested shareholders,” we have included these provisions in our Amended and Restated Articles of Incorporation. Specifically, our Amended and Restated Articles of Incorporation prohibit us from engaging in a “business combination” with certain persons for three years following the date the person becomes an “interested shareholder.”

Interested shareholders generally include:

●	any person who is the beneficial owner of 15% or more of our outstanding voting stock; or

●	any person who is our affiliate or associate and who held 15% or more of our outstanding voting stock at any time within three years before the date on which the person’s status as an interested shareholder is determined, and the affiliates and associates of such person.

●	Subject to certain exceptions, a business combination includes, among other things:

●	certain mergers or consolidations of us or any direct or indirect majority-owned subsidiary of ours;

●

any sale, lease, exchange, mortgage, pledge, transfer or other disposition of our assets or of any subsidiary of ours having an aggregate market value equal to 10% or more of either the aggregate market value of all of our assets, determined on a combined basis, or the aggregate value of all of our outstanding stock;

●	certain transactions that result in the issuance or transfer by us of any stock of ours to the interested shareholder;

●

any transaction involving us or any of our subsidiaries that has the effect of increasing the proportionate share of any class or series of stock, or securities convertible into any class or series of stock, of ours or any such subsidiary that is owned directly or indirectly by the interested shareholder or any affiliate or associate of the interested shareholder; and

●	any receipt by the interested shareholder of the benefit directly or indirectly (except proportionately as a shareholder) of any loans, advances, guarantees, pledges or other financial benefits provided by or through us.

These provisions of our Amended and Restated Articles of Incorporation do not apply to a business combination if:

●	before a person became an interested shareholder, our board of directors approved either the business combination or the transaction in which the shareholder became an interested shareholder;

●	upon consummation of the transaction which resulted in the shareholder becoming an interested shareholder, the interested shareholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, other than certain excluded shares;

●

at or following the transaction in which the person became an interested shareholder, the business combination is approved by our board of directors and authorized at an annual or special meeting of shareholders, and not by written consent, by the affirmative vote of the holders of at least two-thirds of our outstanding voting stock that is not owned by the interest shareholder;

●	the shareholder was or became an interested shareholder prior to the closing of our initial public offering;

●

a shareholder became an interested shareholder inadvertently and (i) as soon as practicable divested itself of ownership of sufficient shares so that the shareholder ceased to be an interested shareholder; and (ii) would not, at any time within the three-year period immediately prior to a business combination between us and such shareholder, have been an interested shareholder but for the inadvertent acquisition of ownership; or

●

the business combination is proposed prior to the consummation or abandonment of and subsequent to the earlier of the public announcement or the notice required under our Amended and Restated Articles of Incorporation which (i) constitutes one of the transactions described in the following sentence; (ii) is with or by a person who either was not an interested shareholder during the previous three years or who became an interested shareholder with the approval of the board; and (iii) is approved or not opposed by a majority of the members of the board of directors then in office (but not less than one) who were directors prior to any person becoming an interested shareholder during the previous three years or were recommended for election or elected to succeed such directors by a majority of such directors. The proposed transactions referred to in the preceding sentence are limited to:

(i)

a merger or consolidation of us (except for a merger in respect of which, pursuant to the BCA, no vote of our shareholders is required);

(ii)

a sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions), whether as part of a dissolution or otherwise, of assets of us or of any direct or indirect majority-owned subsidiary of ours (other than to any direct or indirect wholly-owned subsidiary or to us) having an aggregate market value equal to 50% or more of either the aggregate market value of all of our assets determined on a consolidated basis or the aggregate market value of all the outstanding shares; or

(iii)

a proposed tender or exchange offer for 50% or more of our outstanding voting stock.

MARSHALL ISLANDS COMPANY CONSIDERATIONS

Our corporate affairs are governed by our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws and by the BCA. The provisions of the BCA resemble provisions of the corporation laws of a number of states in the United States. While the BCA also provides that it is to be interpreted according to the laws of the State of Delaware and other states with substantially similar legislative provisions, there have been few, if any, court cases interpreting the BCA in the Marshall Islands and we cannot predict whether Marshall Islands courts would reach the same conclusions as courts in the United States. As a result, you may have more difficulty protecting your interests in the face of actions by our management, directors or controlling shareholders than would shareholders of a corporation incorporated in a U.S. jurisdiction which has developed a substantial body of case law. The following table provides a comparison between the statutory provisions of the BCA and the General Corporation Law of the State of Delaware relating to shareholders’ rights.


Marshall Islands		Delaware
Shareholders’ Voting Rights
Unless otherwise provided in the articles of incorporation, any action required to be taken at a meeting of shareholders may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, is signed by all the shareholders entitled to vote with respect to the subject matter thereof, or if the articles of incorporation so provide, by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.		Any action required to be taken at a meeting of shareholders may be taken without a meeting if a consent for such action is in writing and is signed by shareholders having not fewer than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.

Any person authorized to vote may authorize another person or persons to act for him by proxy.		Any person authorized to vote may authorize another person or persons to act for him by proxy.

Unless otherwise provided in the articles of incorporation or bylaws, a majority of shares entitled to vote constitutes a quorum. In no event shall a quorum consist of fewer than one-third of the shares entitled to vote at a meeting.		For stock corporations, the certificate of incorporation or bylaws may specify the number of shares required to constitute a quorum but in no event shall a quorum consist of less than one-third of shares entitled to vote at a meeting. In the absence of such specifications, a majority of shares entitled to vote shall constitute a quorum.

When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders.		When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders.

The articles of incorporation may provide for cumulative voting in the election of directors.		The certificate of incorporation may provide for cumulative voting in the election of directors.


Merger or Consolidation
Any two or more domestic corporations may merge into a single corporation if approved by the board and if authorized by a majority vote of the holders of outstanding shares at a shareholder meeting.		Any two or more corporations existing under the laws of the state may merge into a single corporation pursuant to a board resolution and upon the majority vote by shareholders of each constituent corporation at an annual or special meeting.

Any sale, lease, exchange or other disposition of all or substantially all the assets of a corporation, if not made in the corporation’s usual or regular course of business, once approved by the board, shall be authorized by the affirmative vote of two-thirds of the shares of those entitled to vote at a shareholder meeting.		Every corporation may at any meeting of the board sell, lease or exchange all or substantially all of its property and assets as its board deems expedient and for the best interests of the corporation when so authorized by a resolution adopted by the holders of a majority of the outstanding stock of the corporation entitled to vote.

Marshall Islands		Delaware
Any domestic corporation owning at least 90% of the outstanding shares of each class of another domestic corporation may merge such other corporation into itself without the authorization of the shareholders of any corporation.		Any corporation owning at least 90% of the outstanding shares of each class of another corporation may merge the other corporation into itself and assume all of its obligations without the vote or consent of shareholders; however, in case the parent corporation is not the surviving corporation, the proposed merger shall be approved by a majority of the outstanding stock of the parent corporation entitled to vote at a duly called shareholder meeting.

Any mortgage, pledge of or creation of a security interest in all or any part of the corporate property may be authorized without the vote or consent of the shareholders, unless otherwise provided for in the articles of incorporation.		Any mortgage or pledge of a corporation’s property and assets may be authorized without the vote or consent of shareholders, except to the extent that the certificate of incorporation otherwise provides.

Directors
The board of directors must consist of at least one member.		The board of directors must consist of at least one member.

The number of board members may be changed by an amendment to the bylaws, by the shareholders, or by action of the board under the specific provisions of a bylaw.		The number of board members shall be fixed by, or in a manner provided by, the bylaws, unless the certificate of incorporation fixes the number of directors, in which case a change in the number shall be made only by an amendment to the certificate of incorporation.

If the board is authorized to change the number of directors, it can only do so by a majority of the entire board and so long as no decrease in the number shall shorten the term of any incumbent director.		If the number of directors is fixed by the certificate of incorporation, a change in the number shall be made only by an amendment of the certificate.

Removal:		Removal:

Any or all of the directors may be removed for cause by vote of the shareholders.		Any or all of the directors may be removed, with or without cause, by the holders of a majority of the shares entitled to vote unless the certificate of incorporation otherwise provides.

If the articles of incorporation or the bylaws so provide, any or all of the directors may be removed without cause by vote of the shareholders.		In the case of a classified board, shareholders may effect removal of any or all directors only for cause.

Marshall Islands		Delaware
Dissenters’ Rights of Appraisal
Shareholders have a right to dissent from any plan of merger, consolidation or sale of all or substantially all assets not made in the usual course of business, and receive payment of the fair value of their shares. However, the right of a dissenting shareholder under the BCA to receive payment of the appraised fair value of his shares shall not be available for the shares of any class or series of stock, which shares or depository receipts in respect thereof, at the record date fixed to determine the shareholders entitled to receive notice of and to vote at the meeting of the shareholders to act upon the agreement of merger or consolidation, were either (i) listed on a securities exchange or admitted for trading on an interdealer quotation system or (ii) held of record by more than 2,000 holders. The right of a dissenting shareholder to receive payment of the fair value of his or her shares shall not be available for any shares of stock of the constituent corporation surviving a merger if the merger did not require for its approval the vote of the shareholders of the surviving corporation.		Appraisal rights shall be available for the shares of any class or series of stock of a corporation in a merger or consolidation, subject to limited exceptions, such as a merger or consolidation of corporations listed on a national securities exchange in which listed stock is offered for consideration is (i) listed on a national securities exchange or (ii) held of record by more than 2,000 holders.

A holder of any adversely affected shares who does not vote on or consent in writing to an amendment to the articles of incorporation has the right to dissent and to receive payment for such shares if the amendment:

● Alters or abolishes any preferential right of any outstanding shares having preference; or

● Creates, alters, or abolishes any provision or right in respect to the redemption of any outstanding shares; or

● Alters or abolishes any preemptive right of such holder to acquire shares or other securities; or

● Excludes or limits the right of such holder to vote on any matter, except as such right may be limited by the voting rights given to new shares then being authorized of any existing or new class.


Shareholder’s Derivative Actions
An action may be brought in the right of a corporation to procure a judgment in its favor, by a holder of shares or of voting trust certificates or of a beneficial interest in such shares or certificates. It shall be made to appear that the plaintiff is such a holder at the time of bringing the action and that he was such a holder at the time of the transaction of which he complains, or that his shares or his interest therein devolved upon him by operation of law.		In any derivative suit instituted by a shareholder of a corporation, it shall be averred in the complaint that the plaintiff was a shareholder of the corporation at the time of the transaction of which he complains or that such shareholder’s stock thereafter devolved upon such shareholder by operation of law.

A complaint shall set forth with particularity the efforts of the plaintiff to secure the initiation of such action by the board or the reasons for not making such effort.		Other requirements regarding derivative suits have been created by judicial decision, including that a shareholder may not bring a derivative suit unless he or she first demands that the corporation sue on its own behalf and that demand is refused (unless it is shown that such demand would have been futile).


Marshall Islands		Delaware
Such action shall not be discontinued, compromised or settled, without the approval of the High Court of the Republic of the Marshall Islands.

Reasonable expenses including attorney’s fees may be awarded if the action is successful.

A corporation may require a plaintiff bringing a derivative suit to give security for reasonable expenses if the plaintiff owns less than 5% of any class of outstanding shares or holds voting trust certificates or a beneficial interest in shares representing less than 5% of any class of such shares and the shares, voting trust certificates or beneficial interest of such plaintiff has a fair value of $50,000 or less.

Exhibit 4.7

AMENDMENT TO PREFERRED STOCK PURCHASE AGREEMENT

THIS AMENDMENT TO PREFERRED STOCK PURCHASE AGREEMENT (this “Amendment”) is made as of June 17, 2021, by and between Ardmore Shipping Corporation, a Marshall Islands corporation (the “Company”) and ARF Innovation, LLC, a Delaware limited liability company (the “Purchaser”). Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings given such terms in the Purchase Agreement (as defined below).

RECITALS

WHEREAS, the Company and the Purchaser are parties to that certain Preferred Stock Purchase Agreement, dated as of June 3, 2021 (the “Purchase Agreement”);

WHEREAS, pursuant to Section 9.4 of the Purchase Agreement, the Purchase Agreement shall not be amended, modified or supplemented except by a written instrument signed by each Party to the Purchase Agreement; and

WHEREAS, the Company and the Purchaser desire to amend the Purchase Agreement as set forth below.

Agreement

NOW, THEREFORE, in consideration of the mutual covenants and agreements in this Amendment and other good and valuable consideration, the receipt and sufficiency are hereby acknowledged, the parties hereto hereby agree as follows:

1.Amendment to Purchase Agreement. Section 3.1(z) of the Purchase Agreement is hereby deleted in its entirety and replaced with the following:

“(i) An aggregate of 50,000 shares of Preferred Stock have been authorized pursuant to the Statement of Designation and no other shares of Preferred Stock have been authorized for issuance and (ii) other than the sale and issuance of the Shares to the Purchaser at the First Closing and the Second Closing (if applicable), the Company has no other agreement to sell and has not offered or sold any shares of Preferred Stock to any other Person.”

2.Amendment to Form of Registration Rights Agreement. The first Recital in the form of Registration Rights Agreement attached as Exhibit H to the Purchase Agreement is hereby deleted in its entirety and replaced with the following:

WHEREAS, pursuant to the Preferred Stock Purchase Agreement dated as of June 3, 2021, by and between the Company and the Investor, as the same may be amended, supplemented or otherwise modified from

time to time (the “Purchase Agreement”), the Company has agreed to issue and sell to the Investor and the Investor has agreed to purchase from the Company, the Shares (as defined below) on the terms and subject to the conditions of the Purchase Agreement.

3.Amendments to Form of Statement of Designation. The second paragraph in the form of Statement of Designation attached as Exhibit I to the Purchase Agreement is hereby deleted in its entirety and replaced with the following:

The Board of Directors of the Corporation has adopted the following resolution creating a series of 50,000 preferred shares of the Corporation designated as “8.5% Cumulative Redeemable Perpetual Preferred Shares—Series A.” Terms used herein shall have the same meaning as in the Articles of Incorporation, unless otherwise specified in this Statement of Designation or unless the context otherwise requires.

Section 2(a) of the form of Statement of Designation attached as Exhibit I to the Purchase Agreement is hereby deleted in its entirety and replaced with the following:

(a)Number. The authorized number of Series A Preferred Shares shall be 50,000. Subject to Section 5(b)(2), the authorized number of Series A Preferred Shares may be increased by resolution of the Board of Directors. Series A Preferred Shares that are purchased or otherwise acquired by the Corporation shall be cancelled and shall revert to authorized but unissued preferred shares, undesignated as to series. The Series A Preferred Shares will be represented by one or more certificates registered in the name of the applicable Holder or, if requested by Holder, in book-entry form.

4.Representations and Warranties. The representations and warranties of the Parties in the Purchase Agreement are true and correct in all respects on and as of the date hereof.

5.Full Force and Effect. Other than as amended in accordance with the terms hereof, the terms of the Purchase Agreement remain in full force and effect. Except as contemplated by this Amendment, this Amendment shall not operate as a waiver of any condition or obligation imposed on the Parties under the Purchase Agreement.

6.Successors and Assigns. The provisions of this Amendment shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns.

7.Execution in Counterparts; Effectiveness. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument, and shall become binding when one or more counterparts have been signed by and delivered to each of the Parties. Delivery of .pdf or other electronic copies of this Amendment executed by a Party shall be deemed delivery of an original executed copy of this Amendment by such Party.

8.Governing Law. This Amendment shall be governed by and construed in accordance with the substantive laws of the State of New York without regard to its conflict of laws principles.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.

	COMPANY:

	ARDMORE SHIPPING CORPORATION

	By:	/s/ Anthony Gurnee
	Name:	Anthony Gurnee
	Title	Chief Executive Officer


	PURCHASER:

	ARF INNOVATION, LLC

	By:	Maritime Partners, LLC, its Manager

	By:	/s/ E. Bickford Brooks
	Name:	E. Bickford Brooks
	Title:	President

Exhibit 8.1

Ardmore Shipping Corporation

Subsidiary Companies

This is a list of subsidiary companies of Ardmore Shipping Corporation as at December 31, 2021.

Company Name	Incorporation Jurisdiction	Ownership
Ardmore Shipping LLC	Marshall Islands	100.00%
Ardmore Maritime Services LLC Ardmore Energy Transition Ventures Ltd Ardmore Element 1 Ventures LLC Ardmore e1 Marine Ventures Ltd	Marshall Islands Bermuda Delaware, USA Ireland	100.00% 100.00% 100.00% (Immediate Parent - Ardmore Energy Transition Ventures Ltd) 100.00% (Immediate Parent - Ardmore Energy Transition Ventures Ltd)
Ardmore Shipping (Bermuda) Limited	Bermuda	100.00% (Immediate Parent - Ardmore Maritime Services LLC)
Ardmore Shipping Services (Ireland) Limited (formerly Ardmore Shipping Limited)	Ireland	100.00% (Immediate Parent - Ardmore Shipping (Bermuda) Limited)
Ardmore Shipping (Asia) Pte Ltd	Singapore	100.00% (Immediate Parent - Ardmore Shipping (Bermuda) Limited)
Ardmore Shipping (Americas) LLC	Delaware, USA	100.00% (Immediate Parent - Ardmore Shipping (Bermuda) Limited)
Ardmore Maritime Services (Asia) Pte. Ltd	Singapore	100.00% (Immediate Parent - Ardmore Shipping (Bermuda) Limited)
Ardmore Shipping (UK) Limited	United Kingdom	100.00% (Immediate Parent - Ardmore Shipping (Bermuda) Limited)
Ardmore Chartering LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Ardmore Pool Holdings LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Maritime Services LLC)
Ardmore MR Pool LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Pool Holdings LLC)
Ardmore Trading (USA) LLC	Delaware, USA	100.00% (Immediate Parent - Ardmore Pool Holdings LLC)
Ardmore Tanker Trading (Asia) Pte Ltd	Singapore	100.00% (Immediate Parent - Ardmore Pool Holdings LLC)
Anglo Ardmore Ship Management Limited	Hong Kong	50.00% (Immediate Parent - Ardmore Shipping (Bermuda) Limited)
Bailey Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Ballycotton Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Blasket Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Cromarty Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Dogger Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Dover Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Fair Isle Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Faroe Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Fisher Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Fitzroy Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Forth Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Humber Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Kilkee Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Killary Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Kilmore Shipco LLC Lahinch Shipco (Pte.) Ltd	Marshall Islands Singapore	100.00% (Immediate Parent - Ardmore Shipping LLC) 100.00% (Immediate Parent - Ardmore Shipping LLC)
Lundy Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Plymouth Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Portland Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Saltee Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Sole Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Thames Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Trafalgar Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Tramore Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Viking Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Wight Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)


Company Name	Incorporation Jurisdiction	Ownership
Allen Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Ballina Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Ballyduff LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Barra Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Beltra Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Biscay Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Bofin Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Brandon Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Bunmahon Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Carlingford Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Carnsore Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Carra Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Clifden Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Corrib Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Dingle Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Ennell Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Erne Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Fastnet Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Forties Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Foyle Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Glenbeg Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Hebrides Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Keadew Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Killybegs Shipco LLC	Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC)
Lahinch Shipco LLC Magee Shipco LLC Malin Shipco LLC Meela Shipco LLC Portmore Shipco LLC Rockall Shipco LLC Shannon Shipco LLC Sheelin Shipco LLC Skellig Shipco LLC Strangford Shipco LLC Swilly Shipco LLC Tyne Shipco LLC Valentia Shipco LLC	Marshall Islands Marshall Islands Marshall Islands Marshall Islands Marshall Islands Marshall Islands Marshall Islands Marshall Islands Marshall Islands Marshall Islands Marshall Islands Marshall Islands Marshall Islands	100.00% (Immediate Parent - Ardmore Shipping LLC) 100.00% (Immediate Parent - Ardmore Shipping LLC) 100.00% (Immediate Parent - Ardmore Shipping LLC) 100.00% (Immediate Parent - Ardmore Shipping LLC) 100.00% (Immediate Parent - Ardmore Shipping LLC) 100.00% (Immediate Parent - Ardmore Shipping LLC) 100.00% (Immediate Parent - Ardmore Shipping LLC) 100.00% (Immediate Parent - Ardmore Shipping LLC) 100.00% (Immediate Parent - Ardmore Shipping LLC) 100.00% (Immediate Parent - Ardmore Shipping LLC) 100.00% (Immediate Parent - Ardmore Shipping LLC) 100.00% (Immediate Parent - Ardmore Shipping LLC) 100.00% (Immediate Parent - Ardmore Shipping LLC)

EXHIBIT 12.1

CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER

I, Anthony Gurnee, certify that:

1. I have reviewed this Annual Report on Form 20-F of Ardmore Shipping Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

4. The Company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the period covered by the Annual Report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and

5. The Company’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting.


Dated: March 11, 2022	By:	/s/ Anthony Gurnee
		Anthony Gurnee
		President, Chief Executive Officer and Director
		(Principal Executive Officer)

EXHIBIT 12.2

CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER

I, Paul Tivnan, certify that:

1. I have reviewed this Annual Report on Form 20-F of Ardmore Shipping Corporation;

(d) Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting.


Dated: March 11, 2022	By:	/s/ Paul Tivnan
		Paul Tivnan
		Senior Vice President, Chief Financial Officer, Secretary and Treasurer
		(Principal Financial Officer)

EXHIBIT 13.1

PRINCIPAL EXECUTIVE OFFICER CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350

In connection with this Annual Report of Ardmore Shipping Corporation (the “Company”) on Form 20-F for the year ended December 31, 2021 as filed with the Securities and Exchange Commission (the “SEC”) on or about the date hereof (the “Report”), I, Anthony Gurnee, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.

Dated: March 11, 2022

By:	/s/ Anthony Gurnee
	Anthony Gurnee
	President, Chief Executive Officer and Director
	(Principal Executive Officer)

EXHIBIT 13.2

PRINCIPAL FINANCIAL OFFICER CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350

In connection with this Annual Report of Ardmore Shipping Corporation (the “Company”) on Form 20-F for the year ended December 31, 2021 as filed with the Securities and Exchange Commission (the “SEC”) on or about the date hereof (the “Report”), I, Paul Tivnan, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.

Dated: March 11, 2022


By:	/s/ Paul Tivnan
	Paul Tivnan
	Senior Vice President, Chief Financial Officer, Secretary and Treasurer
	(Principal Financial Officer)

EXHIBIT 15.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in Registration Statement Nos. 333-203205, 333-233540 and 333-258974 on Form F-3 and Registration Statement No. 333-213344 on Form S-8 of our report dated March 11, 2022, relating to the financial statements of Ardmore Shipping Corporation and the effectiveness of Ardmore Shipping Corporation’s internal control over financial reporting appearing in this Annual Report on Form 20-F for the year ended December 31, 2021.

/s/ Deloitte & Touche LLP

New York, New York

March 11, 2022

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Form 20-F Ardmore Shipping Corp For: Dec 31

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