Seanergy Maritime to acquire remaining minority stakes in BET, MCS subsidiaries
Seanergy Maritime Holdings has entered into letters of intent for the acquisition of the remaining ownership percentages in each of Bulk Energy Transport (BET) and Maritime Capital Shipping (MCS).
Seanergy Maritime has acquired a 50% interest in BET in August 2009 and a 51% interest in MCS in May 2010.
Pursuant to the letter of intent with Mineral Transport Holdings (the 'BET Seller'), the company has agreed to acquire the remaining 50% interest in BET owned by the BET Seller for a purchase price of $33m.
The purchase price will be paid by the Company to the BET Seller in the form of cash in the amount of $7m and shares of the Company's common stock totaling to $26m at an agreed price of $1.05 per share.
Pursuant to the letter of intent with Maritime Capital Shipping (Holdings) Limited (the 'MCS Seller'), the company has agreed to acquire the remaining 49% interest in MCS owned by the MCS Seller for a purchase price of $29m which will be paid by the company to the MCS Seller in the form of cash in the amount of $3m and shares of the company's common stock totaling to $26m at an agreed price of $1.05 per share.
The acquisition is subject to final documentation expected to be entered into by the MCS Seller, BET Seller and the company by 15 September 2010, and is also subject to lenders' approval and to approval by the company's Board of Directors.
Following the acquisitions, the company will own a fleet of 20 dry bulk vessels with a combined cargo-carrying capacity of approximately 1,292,544 dwt and an average fleet age of 12.8 years, comprising of four Capesize, three Panamax, two Supramax, one Handymax and ten Handysize dry bulk carriers.
Seanergy Maritime Holdings is engaged in the transportation of dry bulk cargoes through the ownership and operation of dry bulk carriers.
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