Completion of merger
The shareholders? meetings in Dampskibsselskabet Orion A/S (the ?Company?) and
Shipholding Holding A/S (Eitzen Bulk), respectively, have on 21 December 2009
resolved to approve the merger between the companies in accordance with the
merger plan of 20 November 2009.
In connection with the merger, the Company takes over all assets and liabilities
of Shipholding Holding A/S with effect for accounting purposes as of 1 January
2009. In the same connection the Company changes its registered name to Eitzen
Bulk Shipping A/S.
The merger consideration of nominally DKK 221,385,020 new shares are transferred
to the shareholders of Shipholding Holding A/S in accordance with the exchange
ratio set out in the merger plan. It is expected that the capital increase will
be registered by the Danish Commerce and Companies Agency on 21 December 2009
and that the new shares will be admitted to trading and official listing on
NASDAQ OMX Copenhagen A/S with first day of trading on 23 December 2009.
For additional information on the merger, please see the Company?s announcement
no. 186 of 20 November 2009 and the publicly available merger plan and merger
statement.
Share Option Scheme in the Company
The Company?s general meeting has on 21 December 2009 approved guidelines for
incentive based remuneration of the Company?s management. Based on these
guidelines, the Company will enter into a share option agreement with management
and certain key employees, including the Company?s chief executive officer, that
will entitle the option holders to acquire shares in the Company subject to
certain terms and conditions. The grant of share options is intended to provide
an incentive to create furthervalue in the Company and thereby contributing to
the satisfaction of the Company?s long-term goals. For further information
please see the Company?s announcement no 188.
https://newsclient.omxgroup.com/cdsPublic
/viewDisclosure.action?disclosureId=378856&
messageId=453712
Peter D. Knudsen, CEO of Camillo Eitzen & Co ASA (CECO) says:
?We believe the merger will create an excellent opportunity to expand Eitzen
Bulk?s existing operating activities by providing a platform for engaging
further into ship owning at the right time. Eitzen Bulk shipping A/S will
continue to be one of the key investments for CECO, and we are pleased that the
key personnel have become co-owners in Eitzen Bulk Shipping A/S?.
For further information, please contact:
Peter D. Knudsen,
Chief Executive Officer
Tel: +47 24 00 61 54
Snorre Krogstad,
Chief Financial Officer
Tel: +47 24 00 61 44
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1365635]
Press release no 16 2009 - CECO - Eitzen Bulk Shipping: http://hugin.info/135041/R/1365635/333569.pdf