EuroHoldings has announced the sale of 51.04% of its outstanding common shares to Marla Investments.
The transaction was completed through a Stock Purchase Agreement with certain members of the Pittas family, who retain a 7.6% ownership stake following the deal.
As part of the agreement, EuroHoldings has committed to a series of undertakings, including amending its Shareholders’ Rights Plan to permit Marla Investments to hold more than 15% of the company’s shares, considering two board nominees proposed by Marla, and entering into a registration rights agreement for the acquired shares.
No new shares were issued in the transaction.
The purchase price for the 1,437,697 shares was approximately $12.90 per share in cash.
Additionally, the Purchaser has agreed to make quarterly payments to the Sellers, contingent on the continued charter employment of the Company’s containerships M/V Joanna and M/V Aegean Express beyond their minimum terms.
Following the transaction, two board members Aristides P. Pittas and Dr. Anastasios (Tasos) Aslidis have resigned.
They have been replaced by George Margaronis and Christos Triantafillidis. Eurobulk Ltd, Eurochart S.A., and their affiliates will continue providing management services to EuroHoldings, and the current executive team will remain in place.
Commenting on the transaction, Aristides J. Pittas, Chairman, President, and CEO of EuroHoldings, said that this marks a significant milestone for EuroHoldings and opens a new chapter with a respected and capable partner.
