B+H Ocean Carriers Ltd (NYSE AMEX: BHO) reports that at the Annual General Meeting of Stockholders, held at BHO's offices in Hamilton, Bermuda on November 22, 2011, its shareholders approved a proposed reverse stock split. BHO has set November 28, 2011 as the effective date for the reverse/forward stock split.
BHO says that it continues to pursue reductions to the costs of operating its business. BHO expects to achieve a savings in General and Administrative costs of over 20 percent in the upcoming year without any reduction in the resources dedicated to its business activities.
BHO believes that it will be able to achieve a portion of the savings by delisting from NYSE Amex and by "going dark" - discontinuing its filings with the Securities and Exchange Commission.
At the Annual General Meeting, BHO's shareholders approved a 1 for 101 reverse stock split to enable the cashing out holders of less than 101 shares of BHO common stock at $4.00 per share (pre-split), followed by a 101 for 1 forward stock split for the shares remaining outstanding.
On November 22, 2011, BHO notified the NYSE Amex that it will discontinue listing on NYSE Amex as a publicly traded company. BHO plans to file to discontinue the associated Securities and Exchange Commission filing requirements shortly thereafter. After delisting, BHO stock would be tradable on the over-the-counter market.
BHO operates a fleet of six OBO carriers and has an advanced offshore accommodation unit slated to come into operation in 2013.
November 22, 2011