Crude Carriers: Approval of Merger with CPP

(Press Release)
Tuesday, September 20, 2011

Crude Carriers Corp. (NYSE: CRU) announced that, at a special meeting of Crude shareholders held today in Piraeus, Greece, its shareholders have approved the proposal to adopt the merger agreement dated May 5, 2011 providing for the
acquisition of Crude by Capital Product Partners L.P. (CPLP) in a unit-for-share transaction with Crude shareholders receiving 1.56 CPLP common units for each Crude share. The consummation of the merger was subject to approval by: (i) the holders of a majority of the voting power of the shares of Crude common stock and Crude Class B stock, voting together as a single class; (ii) the sole holder of the shares of Crude Class B stock, voting as a separate class; and
(iii) the holders of a majority of the voting power of the shares of Crude common stock held by unaffiliated shareholders who are not affiliates of either Crude or CPLP, voting separately. According to the final tally of shares voted, approximately 8,447,729 shares of Crude common stock and 2,105,263 shares of Crude Class B stock voted for the approval of the proposal to adopt the merger agreement, representing approximately 60.8 percent and 100 percent, respectively, of the shares outstanding and entitled to vote. Also, approximately 8,293,729 shares of Crude common stock held by unaffiliated shareholders voted for the approval of the proposal to adopt the merger agreement, representing approximately 60.3 percent of such shares outstanding and entitled to vote and 97.9 percent of the votes cast. Crude expects that the merger will be completed on or about September 30, 2011.


People & Company News

MN100: MarineCFO

The Company: Founded in 1992, UA Business Solutions was a pioneer in the field of Enterprise Resource Planning (ERP) and an early Microsoft Partner. The ERP evolution

MN100: All American Marine, Inc.

The Company: All American Marine Inc. was founded in 1987 and specializes in the construction of custom tailored aluminum boats from 30 to 150 feet LOA. Today,

Five Minutes with Paul Switzer

Five minutes with Paul Switzer - Manager, Shipbuilding & Offshore, Viega   For readers not familiar with Viega, please give a ‘birds eye’ view, putting the company

Tanker Trends

Big Tankers' Need for Retrofit Slows Use of New Panama Canal

The promise that some oil traders and brokers saw for an expanded Panama Canal to become a new route for large tankers will take longer to realize than expected

Pressure Mounting on VLGCs Rates - Drewry

A wave of cargo cancellations from the US is putting additional pressure on VLGC rates, according to the latest edition of the LPG Forecaster, published by global shipping consultancy Drewry.

Russian Tanker Detained in Malaysia

The Malaysian Maritime Enforcement Agency (MMEA) detained a Russian oil tanker Zolotoi Most along with 25 crew members for anchoring off Tanjung Piai without authorization,

Finance

Canada May Ask Far-offshore Drillers to Pay Extra

Canada may ask oil companies to contribute to the hundreds of millions of dollars or more the country has to pay to an international body if they drill far offshore,

European Owners Lead in Buying Up Secondhand Tonnage

With European owners leading the pack in buying up vessels, the sale and purchase market appears to have been notably active in recent years, reveals Clarkson Research Services Limited.

Monjasa Bags Credit Facility from Société Générale

Danish bunker fuel supplier and shipping firm Monjasa has signed a credit facility with French bank Société Générale for USD 80 million.    A statement from

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Sonar Winch
rss | archive | history | articles | privacy | 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: 0.0964 sec (10 req/sec)