Compliance With the Minimum Requirement of OSX Shares

Press Release
Tuesday, April 03, 2012

The date by which OSX will comply with the 25 percent minimum free float requirement of OSX shares, as set out in the Regulamento de Listagem do Novo Mercado (“Regulation”), was extended for one year, in accordance with the terms of the BM&FBOVESPA notice  067/2012-DP, dated March 30, 2012.

OSX is a Brazilian publicly-held corporation which provides equipment and services for the offshore oil and gas industry, being dedicated to supply the Brazilian industry’s growing demand for integrated solutions in three different segments - shipbuilding, E&P unit chartering and O&M services.

Compliance with the minimum percentage of outstanding free float shares shall occur in a period of up to one year, counted from March 19, 2012, in two stages: During a period of up to six months, by  September 19, 2012, the Company’s free float shall reach  a minimum of 23.36 percent; and, in the  six subsequent months, by March 19, 2013, the Company’s free float shall  reach the minimum percentage of 25 percent, as required by the Regulation.  

In the event that the Company’s free float percentage surpasses the current level at any time during the previously mentioned periods, a reduction will not be permitted until a free float of at least 25 percent or more is reached. Exceptionally, a reduction in the free float percentage  will be permitted solely and exclusively in the case of newly issued OSX shares subscribed for by the controlling shareholder, Eike Fuhrken Batista, through its subsidiaries, Centennial Asset Mining Fund LLC and EBX Investimentos Ltda. prior to the maturity date of one year set out in the BM&FBOVESPA notice and pursuant to the terms of the Put Option Agreement entered into on March 16, 2010, at which time the percentage of free float may be reduced  to a level of up to 19.03 percent.      

However, notwithstanding the subscription of shares as mentioned above, the Company will remain unconditionally obliged to fully comply with the minimum percentage of free float in accordance with the Regulation by March 19 2013.

Since July, 2011, OSX is building the largest shipyard of the Americas, the Açu Shipbuilding Unit, in the Açu Superport Industrial Complex, in the São João da Barra Industrial District, with technology from its partner Hyundai Heavy Industries. The Açu Shipbuilding Unit project received financing priority from the Board of Directors of the Merchant Marine Fund in June, 2011, under contractual negotiation phase, and funding from a $227.9 million bridge loan.
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

New Leadership at Alphatron Marine

Alphatron Marine announced that Arno Metzemakers will join the company's management team as General Manager responsible for all operational matters worldwide, effective June 1.

PureBallast Nears Completion of USCG Testing Procedures

Alfa Laval saiys it continues to move swiftly towards the submission of a U.S. Coast Guard (USCG) type approval application for Alfa Laval PureBallast 3.1. The

Damen's Oranjewerf Yard ISO 9001:2008 Certified

Damen Shiprepair Oranjewerf (DSO) has become the latest Damen ship repair yard to receive ISO 9001:2008 certification, demonstrating that the yard fulfils the requirements

Finance

WSS: Post-combustion Fuel Treatment Cuts Vessel Costs, Risk

Wilhelmsen Ships Service, a provider of products and services to the shipping industry, is advising vessel operators to wage war on soot. According to WSS, soot

Lower Large Dry Bulk Rates drag Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday dragged down by lower demand for larger vessel segments.

EGAS: Egypt to tender for 10 LNG Cargoes

Egypt will tender next week to import 10 cargoes of liquefied natural gas (LNG) for delivery in July and August, an official from the state gas company, EGAS, said on Thursday.

News

Saint Lucia Accedes to Four IMO Treaties

Saint Lucia has acceded to four International Maritime Organization (IMO) treaties, including conventions covering ballast water management (BWM Convention) and

Migrant Boat Capsizes, Second in Two Days

A migrant boat capsized in the Mediterranean on Thursday and about 100 of its passengers have been rescued while the number of dead is unknown, officials said.   It

Seacat Services Secures Burbo Bank Charter Deal

DONG Energy has awarded  offshore energy support vessel operator Seacat Services with the supply contract for all crew transfer services at its 258MW Burbo Bank

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Electronics 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: 0.1241 sec (8 req/sec)