Key Developments For TOP Ships Inc.
TOP Ships Inc. (TOPS.O) (Nasdaq)
TOP Ships Inc. Announces New Time Charter
TOP Ships Inc. announced that the MV Astrale, a 75,933 DWT Panamax drybulk vessel, has entered into a time charter employment with Daeyang Shipping Co. Ltd., a Korean charterer, for a period of two years at a gross rate of $18,000 per day.
TOP Ships Inc. Announces Delivery of Its Fifth Newbuilding Vessel
TOP Ships Inc. announced that it has taken delivery of the M/T BRITTO from SPP Plant & Shipbuilding Co., Ltd of the Republic of Korea. The BRITTO is the fifth of six 50,000 dwt product / chemical tankers to be delivered within 2009.
TOP Ships Inc. Announces Repurchase Program
TOP Ships Inc. announced that the Board of Directors has authorized a share repurchase program up to $20 million with a duration of one year.
TOP Ships Inc. Announces Extension Of Exclusivity Agreement
TOP Ships Inc. announced that it is continuing discussions with an affiliate of George Economou regarding a possible acquisition of the Company. The exclusivity agreement originally set to expire on October 8, 2008 has been extended through October 22, 2008. The potential acquirer has informed the Company that the purchase price will be subject to further negotiations and will reflect prevailing market conditions. All other terms and conditions of the agreement remain unchanged.
TOP Ships Inc. Announces Short-Term Exclusivity Agreement
TOP Ships Inc. announced that it has entered into an exclusivity agreement with an affiliate of George Economou, the Greek shipowner, providing for the exploration by such affiliate of the possible acquisition of the Company at a potential price of $6.00 per share. The exclusivity agreement expires on October 8, 2008. The exclusivity agreement also provides that the Company has agreed to reimburse such affiliate's out of pocket expenses, up to $1.0 million, in certain circumstances.
