Shareholders of JSC “Latvian Shipping Company” do not support issue of new shares
OREANDA-NEWS. On Tuesday, April 26, regular shareholders’ meeting of joint stock company “Latvian Shipping Company” (JSC “Latvian Shipping Company”) was held where shareholders passed a resolution tomaintain existing share capital at EUR 60’000’000 level and not issue new shares.
The Chairman of the Management Board of JSC “Latvian Shipping Company” Robert Kirkup said: “We failed to gain the minimum 75% support to be able to implement the capital raising. Although I am disappointed, I appreciate for some shareholders the request for more investment from them into the company was a difficult decision. We continue to seek alternative ways of raising finances in order to meet credit liabilities for the refinancing two ships in June this year. We have been negotiating with banks in tandem with the Capital raising process on refinancing the existing credit liabilities and are confident that these negotiations will be successful, despite the complicated situation in the shipping and banking industry.”
To find out more details about the resolutions passed by the shareholders’ meeting and the future business development plans of JSC “Latvian Shipping Company”, everyone who is interested is invited to participate in virtual conference organised by the company, which will take place today, April 28, at 4:00 PM (EET). In the conference answers to listener questions will be given by the Chairman of the Management Board of JSC “Latvian Shipping Company” Robert Kirkup, Adviser of the Chairman of the Management Board Girts Apsitis and Financial Director Santa Spule.