Star Bulk Carriers Corp., has announced that on 1 December 2023, they closed the previously announced repurchase of 10 million of its common shares from Oaktree Shareholders (the 'December Share Repurchase').
As a result of the closing of the December Share Repurchase, (i) the aggregate ownership of Oaktree Dry Bulk Holding LLC and its affiliated funds (collectively, the 'Oaktree Shareholders') in the company was reduced from approximately 17.1% of the Star Bulk’s outstanding common stock to approximately 7.2% and (ii) the number of directors that the Oaktree Shareholders are entitled to nominate pursuant to the shareholders agreement, dated as of 11 July 2014, among the company and the Oaktree Shareholders, was reduced from two directors to one director. In connection with the closing of the December Share Repurchase, Katherine Ralph, one of the Oaktree Shareholders’ nominated directors, resigned from the Company’s Board of Directors on 1 December 2023. The vacancy on the Board created by the resignation of Katherine Ralph will not be filled.
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Read the article online at: https://www.drybulkmagazine.com/shipping/04122023/star-bulk-has-repurchased-10-million-of-its-common-shares/
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