Reverse Split Effective July 29, 2010
29 Julho 2010 - 3:00AM
UK Regulatory
TIDMGLBS
RNS Number : 1121Q
Globus Maritime Ltd
29 July 2010
Globus Maritime Ltd Announces Reverse Split Effective July 29, 2010
Athens, Greece, July 29, 2010. Globus Maritime Ltd ("Globus" or the "Company")
(AIM: GLBS) announces today that the previously announced 1-for-4 reverse stock
split will take effect at the opening of trading in London on Thursday July 29,
2010, with the Company's issued share capital being 7,240,852 shares of US$0.004
each.
The 1-for-4 reverse split was approved by the Company's shareholders at the
Annual General Meeting held on July 28, 2010, together with all the special
resolutions relating to the possible listing of the Company's shares on a U.S.
Stock Exchange. Were the Company to achieve such a listing, it would seek to
delist its shares from AIM as soon as reasonably practicable so as to avoid the
unnecessary expense of maintaining dual listings.
George Karageorgiou, Chief Executive Officer of Globus Maritime, stated: "We
consolidated our shares in preparation of the possible listing on a U.S. Stock
Exchange. We believe that listing Globus on an exchange in the United States may
result in our shares trading at a more favourable price relative to their net
asset value than has recently been the case. This belief is based on the
performance of share prices of comparable companies currently trading on U.S.
Stock Exchanges, which generally benefit from a larger universe of research
analysts as well as a larger base of both institutional and individual
investors. In addition, the Board believes that the Company would also be in a
better position to raise funds for its future development."
Shareholders who hold their shares in certificated form will receive a new
certificate within 14 days of the Record Date. Old certificates are now invalid.
Shareholders holding a number of shares that is not evenly divisible by the
ratio of the reverse stock split will not receive a cash payment for any
fractional shares.
- ENDS -
For further information, please contact:
Globus Maritime Limited +30 210 960 8300
Elias Deftereos, CFO deftereos@globusmaritime.gr
Jefferies International Limited +44 (0) 20 7029 8000
Oliver Griffiths
Anne Dovigen
Capital Link - London +44 (0) 20 3206 1322 /
globus@capitallink.com
Annie Evangeli
Capital Link - New York +1 212 661 7566 / globus@capitallink.com
Ramnique Grewal
Further Information - Notes to Editors
About Globus Maritime Limited
Globus is a global provider of seaborne transportation services for dry bulk
cargoes, including among others iron ire, coal, grain, cement and fertilizers,
along worldwide shipping routes. Globus owns and operates one Panamax, one
Kamsarmax, and three Supramax vessels, with a weighted average age of 3.4 years
as at June 30, 2010, and a total carrying capacity of 319,952 DWT.
Globus is listed on the AIM market of the London Stock Exchange under ticker
GLBS. Jefferies International Limited is acting as nominated adviser and broker
to the Company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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