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 Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Aberdeen Pupils Peek into Subsea Oil & Gas Technology

Pupils at an Aberdeen primary school were given a rare insight into the depths of the oil and gas industry’s subsea sector after getting to sit in the driving

AVEVA, DNV GL's Sesam Integration Cuts Cost

Integration of Aveva and DNV GL's Sesam Reduces Costs in Maritime and Offshore Engineering. Engineers designing ship hulls and offshore floaters can now save

FORAN for Pertamina's Future Ships

FORAN has been chosen by state-owned company PERTAMINA to review the design of their future oil product carrier ships, under construction in a shipyard with the FORAN System.

Finance

Grimaldi Orders Three PCTCs

After signing an order for the construction of five new ships two weeks ago, the Italian shipowner  Grimaldi Group has signed another contract for the construction

Caltex Replaces Australian Crew

The 36 Australian crew members of an Caltex tanker refusing to set sail after they were told their jobs would be gone after the next run. MR tanker Alexander Spirit (40,

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

News

Aberdeen Pupils Peek into Subsea Oil & Gas Technology

Pupils at an Aberdeen primary school were given a rare insight into the depths of the oil and gas industry’s subsea sector after getting to sit in the driving

AVEVA, DNV GL's Sesam Integration Cuts Cost

Integration of Aveva and DNV GL's Sesam Reduces Costs in Maritime and Offshore Engineering. Engineers designing ship hulls and offshore floaters can now save

FORAN for Pertamina's Future Ships

FORAN has been chosen by state-owned company PERTAMINA to review the design of their future oil product carrier ships, under construction in a shipyard with the FORAN System.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Ship Repair 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: 0.3134 sec (3 req/sec)