JOINT PRESS RELEASE
SHAREHOLDERS OF GENERAL MARITIME CORPORATION AND ARLINGTON TANKERS LTD. APPROVE COMBINATION
NEW YORK, NEW YORK and HAMILTON, BERMUDA — December 16, 2008 — General Maritime
Corporation (General Maritime) (NYSE: GMR) and Arlington Tankers Ltd. (Arlington) (NYSE: ATB) today jointly
announced that each company’s shareholders have approved the proposed combination of General Maritime and
Arlington.
Peter Georgiopoulos, Chairman, President and Chief Executive Officer of General Maritime, commented, “We are
pleased with the approval of the merger and excited about the Company’s prospects. With a large diverse doublehull
fleet, we believe we are in a strong position to continue to provide leading charterers with service that meets
stringent operational standards. We believe we are also poised to continue to create near-term value for
shareholders through our $2.00 per share dividend target, which is supported by the fleet’s contracted revenue
stream over the next several years. The improved liquidity of the combined company will allow us to pursue future
growth opportunities and increase shareholder value for the long-term.”
At the General Maritime special meeting of shareholders held on Tuesday, December 16, 2008, in New York, New
York, General Maritime announced that 21,916,026 shares of General Maritime common stock were voted in favor
of adoption of the merger agreement and approval of the General Maritime merger, 112,549 shares were voted
against adoption of the merger agreement and approval of the General Maritime merger, and 53,876 shares
abstained from voting. The shares voted for adoption of the merger agreement and approval of the General Maritime
merger represented approximately 99.25% of the shares voted at the meeting and approximately 69.97% of the
shares of General Maritime common stock outstanding as of October 27, 2008, the record date for the General
Maritime special meeting. In order to be adopted and approved, the merger agreement and the General Maritime
merger required the approval of at least a majority of the total number of shares of General Maritime common stock
outstanding as of the record date for the General Maritime special meeting.
At the Arlington special general meeting of shareholders held on Tuesday, December 16, 2008, in New York, New
York, Arlington announced that 9,860,327 common shares of Arlington were voted in favor of adoption of the
merger agreement, 1,177,894 common shares were voted against adoption of the merger agreement, and 38,685
shares abstained from voting. The shares voted for adoption of the merger agreement represented approximately
89.02% of the common shares voted at the meeting and approximately 63.62% of the common shares of Arlington
outstanding as of October 27, 2008, the record date for the Arlington special general meeting. In addition, Arlington
announced that 9,857,910 common shares of Arlington were voted in favor of adoption of the Arlington
amalgamation agreement, 1,178,546 common shares were voted against adoption of the Arlington amalgamation
agreement, and 40,249 shares abstained from voting. The shares voted for adoption of the Arlington amalgamation
agreement represented approximately 89.00% of the common shares voted at the meeting and approximately
63.60% of the common shares of Arlington outstanding as of the record date for the Arlington special general
meeting. In order to be adopted, the merger agreement and the Arlington amalgamation agreement each required the
approval of at least a majority of the votes cast at the Arlington special general meeting and entitled to vote thereon.
The transaction is expected to be completed after the close of the market on Tuesday, December 16, 2008. The
combined company is expected to commence trading on the NYSE on Wednesday, December 17, 2008 under the
symbol GMR.
About General Maritime Corporation
General Maritime Corporation is a provider of international seaborne crude oil transportation services principally
within the Atlantic basin which includes ports in the Caribbean, South and Central America, the United States, West
Africa, the Mediterranean, Europe and the North Sea. General Maritime also currently operates tankers in other
regions including the Black Sea and Far East. General Maritime owns a fleet of 23 tankers – twelve Aframax, and
eleven Suezmax tankers with a total carrying capacity of approximately 2.9 million dwt.
About Arlington Tankers Ltd.
Arlington Tankers Ltd. is an international, seaborne transporter of crude oil and petroleum products. Arlington’s
fleet consists exclusively of eight, modern double-hulled vessels and is one of the youngest tanker fleets in the
world, with an average vessel age of approximately 5.0 years. The fleet consists of two V-MAX tankers, which are
specially designed very large crude carriers, two Panamax tankers and four Product tankers. All of Arlington’s
vessels are employed on long-term time charters. Arlington was incorporated in Bermuda in September 2004.
Arlington completed its initial public offering on the New York Stock Exchange on November 10, 2004.
General Maritime Corp. press release
|