Shareholders Okay Star Bulk’s Merger with Oceanbulk


According to the preliminary results of Star Bulk Carriers shareholder vote, an overwhelming majority of the shareholders voted to approve the previously announced merger with Oceanbulk.

 
Based on the agreement Oceanbulk Shipping LLC and Ocean bulk Carriers LLC and accompanying entities are expected to become indirect wholly‐owned subsidiaries of StarBulk in consideration for the issuance of 54.104 million shares of common stock of StarBulk.

The vote was has been cast at a special meeting of Star Bulk’s shareholders that was held earlier today.

The company reported that the transaction remains subject to the satisfaction or waiver of certain other conditions included in the agreements.

According to Star Bulk, vote tallies are considered preliminary until the final results are tabulated and certified by independent election inspectors.

Through the transaction, Star Bulk is acquiring an operating fleet of 15 dry bulk carrier vessels, with an average age of 5.6 years and an aggregate capacity of approximately 1.75 million dwt.

The fleet includes five Capesize vessels, two post‐Panamax vessels, six Kamsarmax vessels and two Supramax vessels and contracts for the construction of 26 fuel‐efficient, eco‐design newbuilding dry bulk vessels including eight Newcastlemax vessels, eight Capesize vessels and ten Ultramax vessels each being built at shipyards in Japan and China.

The newbuild vessels are scheduled to be delivered in 2014, 2015 and 2016.

Upon completion of the transaction, the Oaktree Investors will own 61.3% of Star Bulk’s shares of common stock and the Pappas Investors will own 12.5% of Star Bulk’s common stock.

Press Release; July 11th, 2014

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