B+H Ocean Carriers Ltd. Announces Approval of Reverse Stock Split at Annual General Meeting; Schedules Reverse Forward Stock ...
23 11월 2011 - 5:45AM
Business Wire
B+H Ocean Carriers Ltd, (NYSE AMEX: BHO) BHO today
reported that at the Annual General Meeting of Stockholders, held
at BHO’s offices in Hamilton, Bermuda on November 22, 2011, its
shareholders approved a proposed reverse stock split. BHO has set
November 28, 2011 as the effective date for the reverse/forward
stock split.
BHO continues to pursue reductions to the costs of operating its
business. BHO expects to achieve a savings in General and
Administrative costs by over 20% in the upcoming year without any
reduction in the resources dedicated to its business activities.
BHO believes that by delisting from NYSE Amex and discontinuing its
filings with the Securities and Exchange Commission, it will be
able to achieve a portion of the savings. At the Annual General
Meeting, BHO’s shareholders approved a 1 for 101 reverse stock
split to enable cashing out holders of less than 101 shares of BHO
common stock at $4.00 per share (pre-split), followed by a 101 for
1 forward stock split for the shares remaining outstanding. On
November 22, 2011, BHO notified the NYSE Amex that it will
discontinue listing on NYSE Amex as a publicly traded company. BHO
plans to file to discontinue the associated Securities and Exchange
Commission filing requirements shortly thereafter. After delisting,
BHO stock would be tradable on the over-the-counter market. The
proxy statement sent to stockholders detailing the reverse forward
stock split can be obtained from BHO’s web site: www.bhocean.com ,
or from our Report on Form 6-K filed with the Securities and
Exchange Commission.
About the Company
B+H Ocean Carriers Ltd is an international shipowning and
operating company with a fleet of five product-suitable Panamax
combination carriers capable of transporting both wet and dry bulk
cargoes and a 50% interest in an additional combination
carrier.
Safe Harbor Statement
Certain statements contained in this press release, including,
without limitation, statements containing the words “believes,”
“anticipates,” “expects,” “intends,” and words of similar import,
constitute “forward-looking statements” as defined in the Private
Securities Litigation Reform Act of 1995 or by the Securities and
Exchange Commission in its rules, regulations and releases,
regarding the Company’s financial and business prospects. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Company, or industry results, to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, but are not limited to, those set
forth in the Company’s Annual Report and filings with the
Securities and Exchange Commission. Given these uncertainties,
undue reliance should not be placed on such forward-looking
statements. The Company disclaims any obligation to update any such
factors or to publicly announce the result of any revisions to any
of the forward-looking statements contained or incorporation by
reference herein to reflect future events or developments.
For further information, including the Company’s 2010 Annual
Report on Form 20-F and previous announcements, access the
Company’s website at www.bhocean.com
B H Ocean Carrier (AMEX:BHO)
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B H Ocean Carrier (AMEX:BHO)
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