B+H Shareholders Favor R e o r g a n i z a t i on
B+H Ocean Carriers Ltd. reported that at the company's Annual Meeting of Shareholders on Oct. 11, shareholders voted by a 15 to 1 margin to approve both a reorganization of the company, converting it to a fully ongoing entity, and the removal of a limitation on indebtedness.
The company said that the approval of the reorganization proposal and the elimination of the debt restriction have the effect of converting the company into an entity which can participate to the fullest extent in the shipping industry. Opportunities for the enhancement of the shareholders' investment in the company would be increased because the reorganization would give the company the flexibility to attempt to increase revenues and diversify operating risks by entering into areas of the shipping industry which were previously closed to it.
For the six months ended June 30, 1995, the company reported a net loss of $981,000 or $0.24 per share. Revenues for the first six months of 1995 were $7,151,000. Although the product tanker market weakened in May and June, the net loss approximates the expense and related off-hire associated with the performance of Special Surveys on the MIT Alex and M/T Nike. The MIT Nike completed its Special Survey in July 1995. As a "foreign private issuer," as defined in Rule 3b-4 under the U.S. Securities Exchange Act of 1934, the company did not report operating results for the first six months of 1994. The company's net loss for the year ended Dec. 31, 1994, net of a $5,746,000 gain on sale of vessels, was $4,360,000 or $1.07 per share. The company intends to report operating results on a quarterly basis in the future. The company's fleet consists of six product tankers which trade in the Product Transport Corp. Ltd. pool.