Key Developments For Aries Maritime Transport Limited
Aries Maritime Transport Limited (RAMS.O) (Nasdaq)
Aries Maritime Transport Limited Announces Two Year Time Charter for MV Australia
Aries Maritime Transport Limited announced a two-year time charter for the 1993-built, 172,972 dwt Capesize tanker MV Australia at a gross rate of $21,750 per day. Most recently, the MV Australia has been operating in the spot market for the past 60 days, as management developed opportunities.
Grandunion Inc. Acquires Control Of Aries Maritime Transport Limited
Aries Maritime Transport Limited announced that Grandunion Inc. has acquired 18,977,778 newly issued common shares in Aries in exchange for three capesize drybulk carriers. Of such shares, 2,666,667 were transferred to Rocket Marine Inc., a company controlled by two former directors and principal shareholders in Aries, in exchange for Rocket and its affiliates entering into a voting agreement with Grandunion. Under this voting agreement, Grandunion controls the voting rights relating to the shares owned by Rocket and its affiliates. Grandunion now owns approximately 34.2% of Aries and, as a result of the voting agreement controls the vote of approximately 71% of Aries' outstanding shares.
Grandunion Inc. Announces Agreement For Acquiring Control Of Aries Maritime Transport Limited
Grandunion Inc. announced that it has entered into an agreement with Aries Maritime Transport Limited pursuant to which Aries will issue 18,977,778 common shares to Grandunion in exchange for three capesize drybulk carriers. Following the closing of the share issuance to Grandunion and the transfer by the Company of 2,666,667 common shares to Rocket Marine, Grandunion will own approximately 34.2% and Rocket Marine will own approximately 36.8% of Aries' total outstanding common shares. Through the voting agreement, Grandunion will control the vote of 71% of Aries' shares.
Aries Maritime Transport Limited Enters Into Agreement With Grandunion Inc
Aries Maritime Transport Limited announced that it has entered into a Securities Purchase Agreement with Grandunion Inc., a company controlled by Michail S. Zolotas and Nicholas G. Fistes, pursuant to which the Company has agreed to issue 18,977,778 common shares to Grandunion in exchange for three capesize drybulk carriers. Rocket Marine Inc., controlled by Mons Bolin and Captain Gabriel Petridis, each a current director of the Company, has agreed to enter into a voting agreement with Grandunion in exchange for 2,666,667 common shares of the Company. Under the voting agreement, the controlling persons of Rocket Marine will agree to cause Rocket Marine to vote its common shares of the Company in accordance with instructions from Grandunion on all matters to be considered and voted upon by the Company's shareholders. Following the closing of the share issuance to Grandunion and the transfer by Grandunion of 2,666,667 common shares to Rocket Marine, Grandunion will own approximately 34.2% and Rocket Marine will own approximately 36.8% of the Company's total outstanding common shares. Through the voting agreement, Grandunion will control the vote of 71% of the Company's shares. The Company also announced that Investment Bank of Greece has committed to purchase $145 million in aggregate principal amount of 7% senior unsecured convertible notes due 2014 , convertible into common shares at a conversion price of $0.75 per share.
Aries Maritime Transport Limited Amends Previously Announced Letter of Intent
Aries Maritime Transport Limited announced that it has entered into an amendment to the previously announced letter of intent with Grandunion, Inc., a company controlled by Michael Zolotas and Nicholas Fistes. The letter of intent provides for a binding 60-day exclusivity period, presently expiring on August 23, 2009. The letter of intent also included a 30-day period for Grandunion, Inc. to procure an agreement with the Company's syndicate of lenders to make certain amendments to the Company's existing credit facility, which ended on July 24, 2009.
