NewLead Dropdown of Six Vessels
NewLead Holdings Ltd. (NASDAQ:NEWL) announced it has completed the dropdown of six vessels (four drybulk vessels and two product tankers) and Newlead Shipping S.A., an integrated technical and commercial management company, from Grandunion Inc. In connection with this transaction, NewLead transferred to Grandunion 8,844,444 shares of NewLead's common stock and assumed existing liabilities. Michael S. Zolotas, President and Chief Executive Officer of NewLead Holdings Ltd., stated, "The successful closing of this transaction is another step in transforming NewLead Holdings. The six vessels have quality time charters and are expected to add approximately $19.4m in EBITDA annually." Zolotas continued, "Newlead Shipping S.A.
Grandunion Controls Aries Maritime Transport
Aries Maritime Transport Limited (NASDAQ:RAMS) announced that Grandunion Inc., a company controlled by Michail S. Zolotas and Nicholas G. Fistes, acquired 18,977,778 newly issued common shares in Aries in exchange for three capesize drybulk carriers. Of such shares, 2,666,667 were transferred to Rocket Marine Inc., a company controlled by two former directors and principal shareholders in Aries, in exchange for Rocket and its affiliates entering into a voting agreement with Grandunion. Under this voting agreement, Grandunion controls the voting rights relating to the shares owned by Rocket and its affiliates. Grandunion now owns approximately 34.2% of Aries and, as a result of the voting agreement controls the vote of approximately 71% of Aries' outstanding shares.
Grandunion Signs LOI for Aries
Grandunion, Inc., a company controlled by Michael Zolotas and Nicholas Fistes, announced that it has entered into a letter of intent with Aries Maritime Transport Limited (NASDAQ:RAMS) that contemplates, among other things, the acquisition of three Capesize drybulk carriers with an approximate net asset value of $36m in exchange for 15,977,778 newly issued shares of Aries, and a change of control of the company's Board of Directors. Upon closing the transaction, Fistes would serve as the Chairman of the Board of Directors, and Zolotas would serve as member of the Board and President of the company. Grandunion would also designate the Chief Financial Officer of the company and four out of seven members of the Board (including Fistes and Zolotas).
