Seanergy Shareholder Approve Business Combination

Wednesday, August 27, 2008

Seanergy Maritime Corp. announced that at a special meeting of shareholders, shareholders approved the proposal to acquire six dry bulk carriers from affiliates of members of the Restis family.  Shareholders cast 20,618,873 votes in favor of the proposal, and holders of 6,514,175 shares voted against the proposal. Of the shareholders voting against the proposal, holders of 6,370,773 shares properly demanded redemption of their shares. Approval of the business combination required a majority of votes cast at the meeting to be cast in favor of the proposal and that holders of fewer than 35% of Seanergy’s shares issued in its initial public offering vote against the vessel acquisition and properly exercise their redemption rights.  Closing of the acquisition of the initial vessels constituting the completion of the business combination is scheduled for August 28, 2008.  Rodman & Renshaw and Maxim Group LLC acted as the mergers and acquisitions advisors on this acquisition.

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