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Gulf Navigation to hold General Assembly next month

DUBAI, December 22, 2015

Dubai-based shipping company Gulf Navigation Holding will host the company’s General Assembly meeting on January 11, 2016 at the Crowne Plaza Hotel in Dubai, UAE.

 The meeting is set to cover a six-point agenda which includes:

•    The Board of Directors’ proposal to issue mandatory convertible bonds at a nominal value of Dh 1--with a total issuance volume of $60 million equivalent to Dh220 million, provided that the value of the first tranche will be $25 million equivalent to Dh92 million. The move also seeks to authorize the Board of Directors to negotiate with creditors and determine the value of other tranches subject to a maximum of $35 million equivalent to Dh128 million.

•    The Board of Directors’ proposal to offer the Bonds to the Company’s existing shareholders first and thereafter offering all the Bonds or the balance thereof, as the case may be, to the company’s creditors.

•    The Board of Directors’ proposal that the cash paid by the shareholders against Bonds be the higher of the average share price in the market during the 30 days preceding the passing of the General Assembly’s Special Resolution or the share price in the market at closing on the business day immediately preceding the date of the General Assembly meeting in which the Special Resolution approving the issuance of Bonds has been passed.

•    The move to authorize the Board of Directors to issue the Bonds in one or more tranches under a program and determine the date of mandatory conversion into shares and listing of those shares on the financial market.

•    Creation of a special reserve in the Company’s accounts for the difference between the nominal value of the Bonds and the cash amount received so that the whole net annual profit after deduction of reserves and amortizations is allocated to such special reserve on annual basis.

•    Authorize the Board of Directors to take all legal procedures required to issue the Bonds without violation of the Commercial Companies Law. – TradeArabia News Service




Tags: Gulf Navigation | General assembly |

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