13/12/2007 13:25
The business developments in Sea Star via the acquisition of 26.71% in Minoan Lines ANE and 34.70% in Hellenic Seaways ANE made the company to withdraw its interest in a ship management company and ship owner companies.
Sea Star’s decision to participate in the ship owner companies was announced on October 10, 2007. The total consideration for the acquisition was estimated at €40 million, €23 million of which were expected to result from the equity and the remaining €17 million from an existing bank borrowing. With this investment, SEAS expected that its share value would increase in the long term.
Sea Star had not announced the name of the companies that it would acquire. The decision was taken few days before the start of trading of its rights in the CSE.
Capital increase
Few weeks ago, Sea Star Capital was at the centre of attention due to its attempt for a capital increase of €170 million. On November 13, 2007, its competitor and small shareholder, NEL Lines, criticized the capital increase that Sea Star attempted and the handling of the issue by the supervisory authorities.
The CSE Council announced on November 20 that the trading of the Sea Star titles will be suspended until November 29 after the Company’s request and SEC’s proposal in view of its intention to publish a Supplementary Prospectus. The Supplementary Prospectus would include clarifications on the information included in the Prospectus dated 10/9/2007 and the Company’s activities. The CSE Council also decided to extend the rights exercise period until Thursday, December 6, 2007.
In an announcement released on Monday, December 10, the CSE announced the continuance of the suspension of trading of the titles of Sea Star until today after SEC’s request in view of the fact that the procedure for the submission of certain information on the Supplementary Prospectus has not been completed yet.
Sea Star’s decision to participate in the ship owner companies was announced on October 10, 2007. The total consideration for the acquisition was estimated at €40 million, €23 million of which were expected to result from the equity and the remaining €17 million from an existing bank borrowing. With this investment, SEAS expected that its share value would increase in the long term.
Sea Star had not announced the name of the companies that it would acquire. The decision was taken few days before the start of trading of its rights in the CSE.
Capital increase
Few weeks ago, Sea Star Capital was at the centre of attention due to its attempt for a capital increase of €170 million. On November 13, 2007, its competitor and small shareholder, NEL Lines, criticized the capital increase that Sea Star attempted and the handling of the issue by the supervisory authorities.
The CSE Council announced on November 20 that the trading of the Sea Star titles will be suspended until November 29 after the Company’s request and SEC’s proposal in view of its intention to publish a Supplementary Prospectus. The Supplementary Prospectus would include clarifications on the information included in the Prospectus dated 10/9/2007 and the Company’s activities. The CSE Council also decided to extend the rights exercise period until Thursday, December 6, 2007.
In an announcement released on Monday, December 10, the CSE announced the continuance of the suspension of trading of the titles of Sea Star until today after SEC’s request in view of the fact that the procedure for the submission of certain information on the Supplementary Prospectus has not been completed yet.
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