Camillo Eitzen & Co ASA
Approval of merger between Eitzen Bulk Shipholding Holding A/S
(Eitzen Bulk) and Dampskipselskapet Orion A/S (Orion)
20 Nov, 2009
The Boards of Directors in Dampskibsselskabet Orion A/S (Orion) and Shipholding Holding A/S (Eitzen Bulk) have today approved a merger of the two Camillo Eitzen & Co ASA (CECO) controlled companies, with Orion as the continuing company. Orion's existing listing on NasdaqOMX provides a unique opportunity (or platform) for expanding CECO's bulk activities.
The approval of the merger will be subject to final approval of the General Meeting's in the two companies to be held on 18 December 2009. After the merger, Orion will change name to Eitzen Bulk Shipping A/S and contain the bulk activities of CECO. An agreement has been reached whereby Eitzen Bulk key personnel have acquired MUSD 10 of shares in Eitzen Bulk from CECO. After the merger the key personnel's share holding will be 14.6 %, and CECO's ownership share will be about 85 %. After the acquisition of own shares by Eitzen Bulk Shipping A/S CECO will own about 75 % of the outstanding shares (for further information please see merger document).
https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=374471&messageId=447848
"We are very pleased with the opportunity to leverage on Orion's current position as a stock listed company by merging with the bulk activities of CECO. The merger will provide a unique opportunity to expand Eitzen Bulk's existing operating activities by providing a platform for engaging further into ship owning when the window of opportunity occurs. Eitzen Bulk Shipping A/S will continue to be one of the key investments for CECO, and we are pleased that the key personnel have become co-owners in Eitzen Bulk Shipping A/S".
Eitzen Maritime Services ASA