Larry Simkins
and David Sokol to Join as
Directors
HONG KONG, April 10, 2017 /PRNewswire/ - Seaspan Corporation
(NYSE: SSW) announced today that its Board of Directors has
appointed Larry Simkins, President,
Chief Executive Officer and Director of the Washington Companies
("WashCo"), to its Board to replace Graham
Porter, who has resigned as a Director of the company to
focus on other personal and professional commitments.
Following Seaspan's 2017 Annual General Meeting, it is
anticipated that the Board will expand from eight to nine members
and will add David Sokol, a Director
of WashCo and experienced executive, as a Director.
WashCo, through its affiliates Deep Water Holdings, LLC and
Copper Lion, Inc., is Seaspan's largest shareholder with ownership
of approximately 50 percent of Seaspan's outstanding shares.
WashCo today is filing an amendment to its Schedule 13D with the
Securities and Exchange Commission, to reflect, among other things,
the appointment of Mr. Simkins and the anticipated appointment of
Mr. Sokol, two of its nominees, to Seaspan's Board. The
Washington Companies were founded by industrialist and entrepreneur
Dennis R. Washington and are
privately held companies active in the core industries of rail and
marine transportation, mining, aviation, environmental remediation
and restoration services, and heavy equipment sales and service.
Gerry Wang, Chief Executive
Officer, Co-Chairman and Co-Founder of Seaspan, commented, "We are
pleased to welcome fresh perspectives and ideas from Larry, and
later this month from David, as representatives from our largest
shareholder and proven business leaders. We are encouraged by
recent positive signs of a recovery in the global container
shipping market, and believe that the newly constituted Board will
enhance our ability to capture emerging opportunities, benefitting
the company and all of our shareholders."
Kyle Washington, Co-Chairman and
Co-Founder of Seaspan, added, "On behalf of the Board, I would like
to thank Graham for his many years of service and contributions to
Seaspan – a company we, together with Gerry, built into the world's
leading containership leasing business. We wish Graham all
the best in his future endeavors and know that Seaspan is
well-positioned for the future, and in good hands with our
incumbent and new Directors, both of whom I know and respect from
our many years working together at the Washington Companies."
Larry Simkins said, "I am excited
to have the opportunity to contribute to a great company in
Seaspan, which I have followed closely as an investor for many
years. Seaspan has created an unsurpassed containership leasing
platform, and I too am encouraged by signs of a market recovery. I
look forward to working closely with Gerry, who I have known for a
long time and is a pioneer in the industry, as well as the full
Board to build on the company's successes and create sustainable
value for shareholders."
David Sokol added, "Seaspan is
clearly an industry leader that provides critical services to
world-class liner companies. I see an opportunity for Seaspan
to solidify its industry position even further as the market
improves, and I look forward to engaging with the other Directors
and management to support that growth when I am appointed to the
Board."
Seaspan and Gerry Wang have
agreed in principle to amend his employment agreement to remove
transaction fees and enter into discussions in regard to further
amendments to his employment agreement and compensation package. In
addition, Seaspan and Seaspan Financial Services Ltd., an entity
owned and controlled by Graham
Porter, have agreed in principle to terminate the Financial
Services Agreement between the parties. Seaspan may, from time to
time, engage Graham Porter or his
affiliates to provide advisory services on specific transactions,
as approved by its Board.
About Larry Simkins
Mr.
Simkins currently serves as President, CEO and Director of the
Washington Companies, providing leadership and direction to the
companies by serving as a member of the Board of Directors for each
individual company. The Washington Companies are an
international group of privately-owned companies transacting
business in the areas of rail transportation, marine
transportation, mining, environmental construction, heavy equipment
sales, and aviation products. Mr. Simkins previously served
as a Director of the Federal Reserve Bank of Minneapolis.
About David Sokol
Mr.
Sokol has founded three companies in his career to date, taken
three companies public and, as Chairman and CEO of MidAmerican
Energy Holdings Company, he sold the company to Berkshire Hathaway,
Inc. in 2000. Mr. Sokol continued with Berkshire Hathaway
until he retired in March 2011 in
order to manage his family business investments. Mr. Sokol
currently sits on two corporate boards and is a member of the
executive committee of the board of directors of the Horatio Alger
Association of Distinguished Americans. Over Mr. Sokol's
38-year career, he has chaired five corporate boards and over a
dozen charitable or community boards.
About The Washington Companies
The Washington
Companies, founded by industrialist and entrepreneur Dennis R. Washington, are privately held
companies active in the core industries of rail and marine
transportation, mining, aviation, environmental remediation and
restoration services, and heavy equipment sales and service.
The companies are headquartered throughout Montana, the Pacific Northwest and western
Canada and conduct business
internationally.
About Seaspan
Seaspan provides many of the
world's major shipping lines with creative outsourcing alternatives
to vessel ownership by offering long-term leases on large, modern
containerships combined with industry leading ship management
services. Seaspan's managed fleet consists of 114
containerships representing a total capacity of over 915,000 TEU,
including 11 newbuilding containerships on order scheduled for
delivery to Seaspan and third parties by the end of
2018. Seaspan's current operating fleet of 88 vessels
has an average age of approximately six years and average remaining
lease period of approximately five years, on a TEU weighted
basis.
Seaspan has the following securities listed on The New York
Stock Exchange:
Symbol:
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Description:
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SSW
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Class A common
shares
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SSW PR D
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Series D preferred
shares
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SSW PR E
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Series E preferred
shares
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SSW PR G
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Series G preferred
shares
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SSW PR H
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Series H preferred
shares
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SSWN
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6.375% senior
unsecured notes due 2019
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For Investor Relations Inquiries:
Mr. David
Spivak
Chief Financial Officer
Seaspan Corporation
Tel. 604-638-2580
Mr. Michael
Sieffert
Director, Corporate Finance
Seaspan Corporation
Tel. 778-328-6490
For Seaspan Media Inquiries:
Mr. Leon
Berman
The IGB Group
Tel. 212-477-8438
For Washington Company Media
Inquiries:
Ms. Anna Cordasco
/ Mr. Jared Levy / Ms. Nikki Ritchie
Sard Verbinnen & Co
Tel. 212-687-8080
SOURCE Seaspan Corporation