Annual Report
News
Substantial Shareholder Transaction
23 July 2008
Global Oceanic Carriers Limited (AIM:GOC) ('GOC' or the 'Company'), a global provider of marine transportation services for dry bulk cargoes, today announces that it has been informed that Kaylee Maritime Limited sold its entire holding of 31,758,292 ordinary shares in GOC on 22 July 2008 for 170.5 pence per share to Newport Holdings Limited. Kaylee Maritime Limited is associated with Mr. Michael Tartsinis, the Company's Chief Executive Officer and Mr. Antonios Nikolaou, an Executive Director of the Company.
Mr. Michael Tartsinis and Mr. Antonios Nikolaou are both directors of Newport Holdings Limited. Furthermore, both Mr. Michael Tartsinis and Mr. Antonios Nikolaou along with Mr. Kriton Lentoudis, are shareholders of Newport Holdings Limited.
As a result, Newport Holdings Limited holds 31,758,292 ordinary shares in GOC representing 79.3% of the issued share capital of the Company.
Newport Holdings Limited made a recommended cash offer (the 'Offer') for the entire issued and to be issued share capital of GOC on 27 June 2008, which further to the announcement of extension of Offer and level of acceptances on 21 July 2008, will remain open for acceptance until the next closing date, which will be 1.00 p.m. on 25 July 2008.
As at 3.00 p.m. (London time) on 18 July 2008, valid acceptances had been received in respect of a total of 7,533,433 GOC shares, representing approximately 18.81 per cent. of GOC's issued ordinary share capital.
For further information please contact:
Global Oceanic Carriers Limited
Michael Tartsinis, Chief Executive Officer
Tel: + 30 210 898 6362
E-mail: mtartsinis@gocarriers.com
www.gocarriers.com
Jefferies International Limited
Nick Davies
Schuyler Evans
Tel. + 44 (0) 20 7029 8000
Investor Relations / Media:
Victoria Simmons
Capital Link (London) - Tel. +44 207 614 2900
E-mail: gocarriers@capitallink.com
www.capitallink.com
Further Information - Notes to Editors
About the Company
Global Oceanic Carriers Limited is a global provider of marine transportation services for dry bulk cargoes through the ownership, management and chartering of dry bulk carriers. The company is incorporated in Jersey and has its principal executive offices in Athens, Greece.
The company's current fleet includes seven dry bulk carriers, comprised of one Capesize, two Panamax, three Handymax and one Handysize vessel with an aggregate carrying capacity of 456,273 dwt.
GO Carriers is listed on the AIM market and its stock code is GOC
Forward-Looking Statement
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect the current views of Global Oceanic Carriers Limited ("the Company") with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry-docking, changes in the Company's operating expenses, including bunker prices, dry-docking and insurance costs, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists. The Company does not assume, and expressly disclaims, any obligation to update these forward-looking statements.