B+H Ocean Carriers Ltd. Announces Preliminary Results of Modified Dutch Auction Tender Offer
18 Novembre 2008 - 3:11PM
Business Wire
B+H Ocean Carriers Ltd. (AMEX: BHO) announced today the preliminary
results of its tender offer to purchase up to 600,000 shares of its
common stock, which expired at 12:00 midnight, New York City time,
on November 17, 2008. Based on the preliminary count by American
Stock Transfer & Trust Company, the depositary for the tender
offer approximately 1,300,000 shares were properly tendered and not
withdrawn between the company�s minimum price of $4.00 per share
and $5.00 per share. Of the above, roughly 1,141,130 shares were
tendered at the minimum price level of $4.00 per share offered by
the �Tender Offer� including [5,000] shares tendered pursuant to
notice of guaranteed delivery. BHO is exercising its tender for
600,000 shares, and its right to purchase up to an additional 2% of
the outstanding common stock without extending the tender offer by
purchasing an additional 136,260 shares for a total of 736,260
shares. Consequently, BHO is expected to accept, and subject to the
terms and conditions of the tender offer, to purchase an aggregate
of 736,260 shares at a purchase price of $4.00 per share. In
accordance with the terms and conditions of the offer, the shares
will be subject to proration � at an approximate rate of 64.5% (the
final proration percentage will be issued within four business
days). The shares expected to be purchased represented 10.8% of the
outstanding shares of Common Stock as of November 17, 2008. After
the purchase of the shares, BHO will have approximately 6,076,747
shares of common stock outstanding. Any shares properly tendered
and not withdrawn at a price above the $4.00 purchase price or not
accepted due to proration will be returned to the tendering
shareholders. D.F. King & Co., Inc. is the information agent
for the Offer. The depositary is American Stock Transfer &
Trust Company. For questions and information, please call the
information agent at (800) 549-6746. The Company is organized as a
corporation in Liberia, and its principal executive office is
located at Par La Ville Place, 14 Par La Ville Road, Hamilton HM
08, Bermuda (telephone number (441) 295-6875). Miscellaneous. This
press release, including any documents incorporated by reference or
deemed to be incorporated by reference, contains �forward-looking
statements,� which are statements relating to future events, future
financial performance, strategies, expectations and competitive
environment. Words such as �may,� �will,� �should,� �could,�
�would,� �predicts,� �potential,� �continue,� �expects,�
�anticipates,� �future,� �intends,� �plans,� �believes,�
�estimates� and similar expressions, as well as statements in the
future tense, identify forward-looking statements. Stockholders
should not read forward-looking statements as a guarantee of future
performance or results. They will not necessarily be accurate
indications of whether or at what time such performance or results
will be achieved. Forward-looking statements are based on
information available at the time those statements are made and/or
management�s good faith belief at that time with respect to future
events. Such statements are subject to risks and uncertainties that
could cause actual performance or results to differ materially from
those expressed in or suggested by the forward-looking statements.
Important factors that could cause such differences include, but
are not limited to: uncertainties related to BHO�s ability to
implement BHO�s business strategy; uncertainties related to
litigation; economic and political conditions in the U.S. and
abroad; and other risks outlined in BHO�s filings with the SEC. All
forward-looking statements are effective only as of the date they
are made and BHO disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. These risks and
uncertainties include risks related to BHO�s businesses as well as
the factors relating to the transactions discussed in BHO�s offer
to purchase. Stockholders should not place undue reliance on the
forward-looking statements, which speak only as to the date of the
offer to purchase or the date of documents incorporated by
reference.
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