Ahead of the company's imminent rights issue, Ocean Tankers Holdings Public Company, founded in June 2005 and controlled by Mr. Michalis Ioannidis and listed in the Cyprus Stock Exchange, concluded a presentation towards analysts and other interested parties in the Union of Institutional Investors of Hellas yesterday. According to Vice-President Mr. George Ioannidis, the company, which recently agreed to acquire a fleet of eight tankers, is expected to generate revenues of $60 million during 2008, up from $18 million in 2007, while net earnings will skyrocket to $20 million, against $3.7 million during 2007.
Ocean Tankers completed its listing in the Cyprus Stock Exchange during December of 2006, raising $13.4 million, which were used for fleet expansion purposes. Today the company owns a fleet of 16 double-hull tankers, up from just three vessels a year ago. Ocean expects the delivery of three remaining vessels, out of the total eight (ranging 15,000-20,000-dwt) which bought recently. All vessels are on long-term timecharters with LUKOIL/LITASCO for a period of seven years, with an option to extend that for three more years.
With reference to the rights issue, at the meeting held on December 5, 2007, the Board of Directors of Ocean Tankers Holdings Public Company Ltd decided to issue 161,631,810 nil-paid rights, which will be allocated gratis to the existing shareholders to the ratio of 1 right per share during the record date, which will be determined after the safeguard of the necessary approvals by the competent authorities.
Every 5 rights exercised will be converted into 2 new shares of nominal value $0.20 per share with an exercise price of A-0.55 per share. Any fractional balances during the exercise will be rounded to the next highest whole number of shares.
From the exercise of rights, up to 64,652,724 new shares will result of nominal value $0.20 per share, while the capital increase is expected to reach ¬35.56 million ($50 million), as soon as all rights are exercised.
The record date, the date of trading of the nil-paid rights and the period of exercise will be decided by the Board of Directors and will depend on the safeguard of the necessary approvals by the competent authorities.
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