Royal Olympic Cruise Lines Shift Share Ownership of ROC Holdings

Wednesday, May 01, 2002
Royal Olympic Cruise Lines Inc announced that Silk Navigation had acquired an additional 20 percent of ROC Holdings Inc. from Louis Tourist Agency. As a result, Silk and Louis each now hold 50 percent of ROC Holdings, which in turn holds 51.4% of Royal Olympic's common stock. Silk Navigation is controlled by members of the Potamianos family, with Andreas Potamianos holding the position as Royal Olympic's Co-Deputy Chairman and Louis Tourist Agency is controlled by Costakis Loizou, also Co-Deputy Chairman. In addition, Royal Olympic announced that it had agreed with Louis Tourist Agency to modify the terms of the $20 million convertible subordinated note issued by Royal Olympic on February 28, 2001 and held by Louis Tourist Agency.

The terms of the note had contemplated that it was to be repaid on or before June 30, 2002 from the proceeds of a rights offering of common stock to all shareholders. In the event a rights offering was not completed on or before June 30, 2002, the note had provided for conversion to common stock at a price per share equal to the average trading price during the first six months of 2002. Royal Olympic and Louis Tourist Agency have agreed to extend the date for the note's repayment or conversion to March 31, 2003, with conversion to common stock at a price equal to the average trading price during the previous fifteen months.

Commenting on the postponement of the rights offer, Royal Olympic CEO Yiannos Pantazis said "Given the current adverse effect on the tourist industry following the events of September 11 and the situation in the Middle East, our board concluded, and Louis Tourist Agency agreed, that this is not an appropriate time for a rights offering."

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Damen Outfitting First of Nine Bahamas Patrol Boats

The first of nine Damen Stan Patrol 3007s ordered by the Royal Bahamas Defense Force has arrived at Damen Shipyards Gorinchem in the Netherlands for outfitting.

Liquefaction Terminals to Dominate LNG Capital Expenditure

Capital expenditure (Capex) on global LNG facilities is expected to total $259 billion (bn) over the period 2015-2019, with investments expected to be 88% larger

New Chinese Shipyard Launches First Ship

The new shipyard facility of Honghua Offshore Oil & Gas Equipment Company in Jiangsu, China, has launched its first ship, an IMT982 Platform Supply Vessel. The vessel,

Cruise Ship Trends

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Duffy Named President of Carnival Cruise

Carnival Corporation & plc., the world’s largest travel and leisure company, today announced that Christine Duffy has been named president of Carnival Cruise Line,

Fincantieri Wins Carnival Cruise Ship Order

Fincantieri SpA has been awarded an order by Carnival Corporation & plc for the construction of two new cruise ships for Carnival Cruise Line and Holland America Line.

 
 
Maritime Careers / Shipboard Positions Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1874 sec (5 req/sec)