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15 Oct 1999

Baltic Exchange Seeks Mutual Status

The Baltic Exchange -- the world's oldest shipping market -- is seeking mutual status as a means to overcome conflicts between shareholders over the use of assets. "The board feels that a company moving toward mutual mode is the best for the future of the Baltic Exchange," chairman Hugh McCoy said. Under proposals to be put out for consultation, the shipping market would be restructured so that existing shareholders became members of a new corporate body limited by guarantee. A one-off dividend would be paid to existing shareholders with remaining assets transferred to allow the new company to continue operating the market for trading members. The proposals were designed to end conflict between existing shareholders and trading members, McCoy said.

14 Oct 1999

Baltic Exchange Seeks Mutual Status

The Baltic Exchange -- the world's oldest shipping market -- is seeking mutual status as a means to overcome conflicts between shareholders over the use of assets. "The board feels that a company moving toward mutual mode is the best for the future of the Baltic Exchange," chairman Hugh McCoy said. Under proposals to be put out for consultation, the shipping market would be restructured so that existing shareholders became members of a new corporate body limited by guarantee. A one-off dividend would be paid to existing shareholders with remaining assets transferred to allow the new company to continue operating the market for trading members. The proposals were designed to end conflict between existing shareholders and trading members, McCoy said.

06 Dec 1999

Baltic Exchange Dumps Restructuring Plans

The Baltic Exchange is dropping plans to restructure the world's oldest shipping market as a mutual body. "The board has decided not to develop detailed proposals for a change in the governance of the organization," a Baltic Exchange spokesperson said. The decision reflects excessive financial expectations held by a minority of shareholders for their holdings in the existing company. A 75 percent majority by share value is required to change the Baltic's articles of association. In October the Baltic revealed plans to adopt mutual status to overcome conflicts between shareholders over the use of assets. Shareholders were split between those seeking a commercial return and those wanting to retain the exchange's status as an institution serving the wider maritime community.