Sinon activez ce lien:
?code=9c8125c1efbb5ead09898213bc5d01fd&addr=worldshippingnews.abcd123%40blogger.com&
Omega Navigation Enterprises Announces capital contribution by the founder and CEO
Omega Navigation Enterprises, Inc., a provider of global marine transportation services focusing on product tankers, announced yesterday that it agreed to a capital infusion of $5.25 million through a loan by its founder, CEO and largest shareholder, Mr. George Kassiotis.
The capital infusion will be made through a company owned and controlled
by George Kassiotis in the form of a secured convertible promissory
note which, under certain circumstances and at the option of the holder,
may be convertible into a maximum of 8.75 million common shares of the
Company at any time after the one year anniversary of the Note or upon
an event of default under the Note. Interest on the Note will be 4.0%
per annum. The capital infusion will be used to satisfy short term
liquidity requirements and fund part of the contracted equity
contributions for the Company’s newbuilding program through its Joint
Venture Company MegaCore Shipping Ltd, with the target of improving
long-term profitability.
The capital infusion is being made at a time when the Company is in
discussions with its lenders to extend the term of its current loans
beyond the current maturity of April, 2011. The Company believes that
the capital infusion should facilitate the loan extension as well as
further enhancing other relationships with key business partners.
Mr. George Kassiotis, founder, CEO, commented, “I have agreed to provide
capital to Omega to address short term liquidity requirements and
strengthen its balance sheet. This capital infusion further shows my
ongoing commitment and support to and confidence in the Company and its
prospects, especially as it is made in a very challenging and uncertain
economic environment and should allow the Company to continue with its
growth plans. It further aligns my interests with those of the Company
and our other shareholders in light of my continuous position as Omega’s
largest shareholder since our IPO in 2006. I, along with the rest of
the Board of Directors and our senior management team, remain fully
committed to making Omega a leading participant in the product tanker
sector, as well as delivering long term shareholder value.”
Omega Navigation Enterprises, Inc. is an international provider of
global marine transportation services through the ownership and
operation of double hull product tankers. The current fleet includes
twelve hull product tankers with a carrying capacity of about 680,000
dwt, of which two double hull product / chemical tankers, with a
capacity of 47,000 dwt, and two double hull product / chemical tankers,
with a capacity of 37,000 dwt., are owned through equal partnership
joint ventures with a wholly owned subsidiary of Glencore International,
A.G. Furthermore, as previously announced, the joint venture company
has entered into shipbuilding contracts with Hyundai Mipo Dockyard in
South Korea, to construct and acquire seven additional double hull
product tankers with a capacity of 74,000 dwt each scheduled for
delivery between October 2010 and early 2012.
Source: Omega Navigation Enterprises, Inc.
No comments:
Post a Comment