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Dockwise Ltd.

Dockwise Ltd.

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Publicatie datum 15 mei 2012 - 18:42
Statutaire naam Dockwise Ltd.
Titel Dockwise Ltd : Dockwise offers financing assistance to Fairstar
Bericht In yesterday's Fairstar annual meeting of shareholders (AGM), Dockwise voted in favour of the re-appointment of the auditor and against the other resolutions including the authority for the Fairstar Boards to issue 20 MM shares under the conditions as set out in the AGM convocation. The vote against the share issue was based on insufficient disclosure by Fairstar on its financial situation, a refusal from the Fairstar Boards to provide additional information and to provide sufficient detail of the reasons for, and proposed modalities of, the capital increase, as well as Dockwise' need to protect its shareholder rights. The agenda and notes for the AGM had offered no other explanation than that the share issue was intended to give the Boards "the flexibility to finance Fairstar in the most efficient manner". The limited new information that was provided on Fairstar's financial position included that Fairstar has payment obligations of approximately USD 70 MM next week for milestone payments for FORTE and FINESSE, while it might not be able to draw under its credit agreements.