Seaspan Agreement with GCII & Blue Water
Seaspan Corporation announced today that it has entered into an agreement with Greater China Intermodal Investments LLC and Blue Water Commerce, LLC to extend the term of their Right of First Refusal Agreement by one year to March 31, 2016. GCI is Seaspan's investment partnership established with an affiliate of global asset manager The Carlyle Group and others, including affiliates of Seaspan's director Graham Porter and of its largest shareholder, Dennis R. Washington. Under the ROFR Agreement and subject to its terms, Seaspan has a right of first refusal in respect of containership investment opportunities identified by GCI, as well as a right of first offer in respect of certain proposed containership sales by GCI. Seaspan manages GCI's operating vessels and provides pre-delivery services for GCI's newbuilding vessels.
Seaspan has also extended to March 31, 2016 its employment, transaction services and lock-up agreements with its CEO, Gerry Wang and its financing services agreement with Tiger Ventures Limited, or Tiger Ventures, an affiliate of Mr. Porter.
In connection with the extensions of these agreements, Seaspan's board of directors authorized its conflicts committee, composed entirely of independent directors, to consider strategic options in regard to Seaspan's investment in GCI, including a potential acquisition of GCI by Seaspan.
For additional information about GCI, including interests of certain of Seaspan's officers, directors and significant shareholders in GCI, please read Item 7 "Major Shareholders and Related Party Transactions-Related Party Transactions" of Seaspan's Annual Report on Form 20-F for the year ended December 31, 2013 filed with the U.S. Securities and Exchange Commission.