TBS International Announces Revised Rights Offering Record Date
27 Aprile 2011 - 10:17PM
Marketwired
TBS International plc (NASDAQ: TBSI) (the "Company") announced
today that the revised record date for its rights offering will be
Saturday, May 7, 2011. The Company has filed a registration
statement with the Securities and Exchange Commission under which
it expects to conduct an offering of subscription rights that will
enable all holders of the Company's ordinary shares at the close of
business on the record date to purchase Series A preference shares
of the Company. You must be a holder of ordinary shares on the
record date in order to participate in the rights offering. We
expect that the initial conversion rate at which Series A
preference shares will be convertible into Class A ordinary shares
will be determined on the record date with reference to the recent
trading prices of the Class A ordinary shares at that time.
A registration statement relating to the subscription rights and
the Series A preference shares of the Company has been filed with
the Securities and Exchange Commission but has not yet become
effective. These securities may not be sold nor may offers to buy
be accepted prior to the time the registration statement becomes
effective. A written prospectus for the subscription rights
offering may be obtained by contacting Phoenix Advisory Partners,
the information agent for the rights offering, toll-free at (800)
576-4314.
Forward-Looking Statements "Safe Harbor"
Statement under the Private Securities Litigation Reform Act of
1995
This press release contains forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's current expectations and observations.
Included among the factors that, in the Company's view, could
cause actual results to differ materially from the forward looking
statements contained in this press release are the following:
- the effects of severe and rapid declines in industry conditions
that have required the Company to restructure its outstanding
indebtedness;
- the Company's ability to maintain financial ratios and comply
with the financial covenants in its credit facilities;
- the Company's ability to effectively operate its business and
manage its growth while complying with operating covenants in its
credit facilities;
- the Company's ability to generate the significant amounts of
cash necessary to service its debt obligations;
- very high volatility in the Company's revenues and costs,
including volatility caused by increasing oil prices;
- excess supplies of dry bulk vessels in all classes and
resulting heavy pressure on freight rates;
- adverse weather conditions that may significantly decrease the
volume of many dry bulk cargoes;
- the stability and continued growth of the Asian and Latin
American economies and rising inflation in China;
- the Company's vessels exceeding their economic useful life and
the risks associated with operating older vessels;
- the Company's ability to grow its vessel fleet and effectively
manage its growth;
- impairments of the Company's long lived assets or
goodwill;
- compliance with environmental laws and regulations and the
implementation of new environmental laws and regulations; and
- other factors that are described in the "Risk Factors" sections
of the Company's reports filed with the Securities and Exchange
Commission;
About TBS International plc: TBS provides
worldwide shipping solutions to a diverse client base of industrial
shippers through its Five Star Service: ocean transportation,
projects, operations, port services, and strategic planning. The
TBS shipping network operates liner, parcel and dry bulk services,
supported by a fleet of multipurpose tweendeckers and handysize/
handymax bulk carriers, including specialized heavy-lift vessels
and newbuild tonnage. TBS has developed its franchise around key
trade routes between Latin America and China, Japan and South
Korea, as well as select ports in North America, Africa, the
Caribbean and the Middle East. Visit our website at
www.tbsship.com
For more information, please contact: Ferdinand V. Lepere Senior
Executive Vice President and Chief Financial Officer TBS
International plc Tel. 914-961-1000 InvestorRequest@tbsship.com
Investor Relations / Media: Nicolas Bornozis Capital Link, Inc. New
York Tel. 212-661-7566 E-mail: tbs@capitallink.com
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