Grandunion Takes Over Aries Maritime

15 October 2009 (Last Updated October 15th, 2009 18:30)

Grandunion has acquired 18,977,778 newly issued common shares in Greek shipping line Aries Maritime Transport in exchange for three Capesize drybulk carriers. According to a statement, 2,666,667 shares were transferred to Rocket Marine in exchange for Rocket and its affiliates enterin

Grandunion has acquired 18,977,778 newly issued common shares in Greek shipping line Aries Maritime Transport in exchange for three Capesize drybulk carriers.

According to a statement, 2,666,667 shares were transferred to Rocket Marine in exchange for Rocket and its affiliates entering into a voting agreement with Grandunion.

Under this voting agreement, Grandunion controls the voting rights relating to the shares owned by Rocket and its affiliates.

Grandunion now owns approximately 34.2% of Aries and, as a result of the voting agreement, controls the vote of approximately 71% of Aries' outstanding shares.

Post closing, Aries' 14 vessel fleet will consists of four Panamax tankers, five MR tankers, two container vessels, three Capesize drybulk vessels totalling 477,000dwt.