B + H Ocean Carriers Ltd. Announces Record Date and Meeting Date for Annual General Meeting; Plan to Go Dark
20 October 2011 - 7:00AM
Business Wire
B + H Ocean Carriers Ltd, (NYSE AMEX: BHO) The Company
today reported that it has scheduled the Annual General Meeting of
Stockholders, to be held at BHO’s offices in Hamilton, Bermuda for
November 22, 2011 and has set October 17, 2011 as the record date
for stockholders eligible to vote at the Meeting.
We continue to pursue reductions to the costs of operating our
business. We expect to achieve a savings in our General and
Administrative costs by over 20% in the upcoming year without any
reduction in the resources dedicated to our business activities. To
achieve a portion of the savings we are submitting a proposal to
our stockholders at the Annual General Meeting for a 101 for 1
reverse forward stock split to enable cashing out holders of less
than 101 shares of BHO common stock at $4.00 per share (pre-split)
and discontinuing our listing as a publicly traded company on the
NYSE Amex and the associated Securities and Exchange Commission
filing requirements. After delisting, BHO stock would be tradable
on the over-the-counter market. The proxy statement sent to
stockholders detailing the reverse forward stock split can be
obtained from the Company’s web site: www.bhocean.com , or from our
Report on Form 6-K filed with the Securities and Exchange
Commission.
About the Company
B + H Ocean Carriers Ltd is an international shipowning and
operating company with a fleet of five product-suitable Panamax
combination carriers capable of transporting both wet and dry bulk
cargoes and a 50% interest in an additional combination
carrier.
Safe Harbor Statement
Certain statements contained in this press release, including,
without limitation, statements containing the words “believes,”
“anticipates,” “expects,” “intends,” and words of similar import,
constitute “forward-looking statements” as defined in the Private
Securities Litigation Reform Act of 1995 or by the Securities and
Exchange Commission in its rules, regulations and releases,
regarding the Company’s financial and business prospects. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Company, or industry results, to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, but are not limited to, those set
forth in the Company’s Annual Report and filings with the
Securities and Exchange Commission. Given these uncertainties,
undue reliance should not be placed on such forward-looking
statements. The Company disclaims any obligation to update any such
factors or to publicly announce the result of any revisions to any
of the forward-looking statements contained or incorporation by
reference herein to reflect future events or developments.
For further information, including the Company’s 2010 Annual
Report on Form 20-F and previous announcements, access the
Company’s website at www.bhocean.com
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