Seanergy Maritime holdings corp. enters into definitive agreements to acquire all minority stakes in its bet and mcs subsidiaries

Wednesday, Sep 08, 2010

Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP; SHIP.W) announced today that, following the previosly announced letters of intent,the Company has now entered into share purchase agreements for the acquisition of the remaining ownership percentages in each of Maritime Capital Shipping Limited (“MCS”) and Bulk Energy Transport (Holdings) Limited (“BET”), respectively.

Pursuant to the share purchase agreement 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 $29,000,000, which will be paid by the Company to the MCS Seller in the form of cash in the amount of $3,000,000 and shares of the Company’s common stock totaling to $26,000,000 at an agreed price of $1.05 per share. The acquisition is expected to be completed by

September 15th, 2010.

Pursuant to the share purchase agreement with Mineral Transport Holdings Inc. (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 $33,000,000, which will be paid by the Company to the BET Seller in the form of cash in the amount of $7,000,000 and shares of the Company’s common stock totaling to $26,000,000 at an agreed price of $1.05 per share. The acquisition is expected to be completed by November 1st, 2010, and remains subject to lenders’ approval.

Both the MCS Seller and the BET Seller are related to the Company. The shares of the Company's common stock forming part of the MCS and the BET purchase price will be issued to four entities affiliated with members of the Restis family.

Both transactions have been approved by the Company’s Board of Directors. Following the completion of the transactions, the Company will have a wholly owned 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.

Source: Seanergy Maritime