2nd Mar 2016 17:10
LONDON (Alliance News) - Hellenic Carriers Ltd on Wednesday proposed the cancellation of its listing on AIM, as the company reported that its net loss widened in 2015.
Hellenic Carriers, which operates a fleet of dry bulk vessels, said it made a USD34.0 million loss in 2015, versus a loss of USD17.0 million in 2014.
The company's loss included a book loss on the sale of a vessel of USD4.1 million and a book loss on impairment of vessels of USD13.6 million.
"Having taken into account the company's financial results for the year ended December 31, 2015, the company's low market capitalization, the ongoing costs associated with the company's AIM listing, the low volumes of liquidity in the trading of the ordinary shares of the company, as well as the company's future prospects should prevailing market conditions persist, the board of directors has decided to seek shareholder approval for the cancellation of the shares to trading on AIM," Hellenic Carriers said.
The company said its controlling shareholders have indicated that they may consider making an offer to acquire shares from minority shareholders after cancellation becomes effective.
"It is important to note however, that following the cancellation, the UK Takeover Code will cease to apply to offers for the Shares, and accordingly any such offer made after the cancellation would not be governed by the Code. There is no certainty that an offer for the shares will be forthcoming," Hellenic Carriers said.
Shares in Hellenic Carriers closed up 29% at 5.01 pence on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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