Aries Maritime Transport acquires three capesize drybulk carriers from Grandunion

Wed. October 14, 2009; Posted: 02:15 PM

Oct 14, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- RAMS | Quote | Chart | News | PowerRating -- Aries Maritime Transport Limited has acquired three capesize dry bulk carriers from GrandUnion, Inc., a shipping company, in exchange for 18,977,778 newly issued shares of the company. Both the companies are based in Greece.

Aries Maritime is a shipping company that owns product tankers and container vessels.

Update on September 16, 2009:

Aries Maritime has entered into a securities purchase agreement to acquire three capesize dry bulk carriers from GrandUnion in exchange for 18,977,778 newly issued shares of the company.

The transaction is expected to be completed by September 30, 2009.

Announcement (June 24, 2009):

Aries Maritime has entered into a non-binding letter of intent to acquire three capesize dry bulk carriers from GrandUnion.

The carriers have an approximate net asset value of $36 million. The letter of intent is subject to a number of conditions including the receipt of a commitment letter from a bank for a fully underwritten private issuance of $145 million aggregate principal amount of 7% senior unsecured convertible notes due 2014, the proceeds of which would be used primarily to fund vessel acquisitions, and obtaining certain amendments to the existing senior credit facility of Aries Maritime.

Deal Value (US$ Million) 36
Deal Type                Acquisition
Sub-Category             Asset Purchase
Deal Status              Completed: 2009-10-13

Deal Participants

Target (Company)   GrandUnion, Inc. - Three Capesize Dry Bulk Carriers
Acquirer (Company) Aries Maritime Transport Limited
Vendor (Company)   GrandUnion, Inc.

For full details for RAMS click here.

More News: Market Updates | Stock Alerts | All Trading News | Stock Index

Archives

Feedback

Email Article Link

Close X

RELATED SITES

Please call 1-213-955-5858 ext. 1

Tax Relief Bank Levy Wage Garnishment

Disclaimer:

The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302

All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.