Globus Maritime Announces Results of Annual Meeting of Shareholders

Rhea-AI Summary

Globus Maritime Limited (NASDAQ: GLBS) announced the results of its annual shareholders' meeting held on September 24, 2020. Key outcomes include the election of Athanasios Feidakis and Ioannis Kazantzidis as Class I directors until the 2023 Annual Meeting. Ernst & Young was appointed as independent auditors for fiscal year 2020. The company approved amendments for potential reverse stock splits of up to one-for-100 shares and restatement of its Articles of Incorporation. Globus operates a fleet of five dry bulk vessels with a total capacity of 300,571 Dwt.

Positive

• Election of experienced directors Athanasios Feidakis and Ioannis Kazantzidis.
• Engagement of Ernst & Young as independent auditors signifies commitment to financial transparency.

Negative

• Approval of reverse stock splits may lead to shareholder dilution.

GLYFADA, Greece, Sept. 24, 2020 (GLOBE NEWSWIRE) -- Globus Maritime Limited (“Globus” or the “Company”), (NASDAQ: GLBS), a dry bulk shipping company, announced the results of its annual meeting of shareholders, held earlier today in Glyfada, Greece. The following proposals were approved and adopted at the meeting:

1. the election of Mr. Athanasios (“Thanos”) Feidakis and Mr. Ioannis Kazantzidis as Class I directors of the Company, to serve until the 2023 Annual Meeting of Shareholders;
   
   
2. the appointment of Ernst & Young (Hellas) Certified Auditors Accountants S.A., as the Company’s independent auditors for the fiscal year ending December 31, 2020;
   
   
3. one or more amendments to the Company’s Articles of Incorporation to effect one or more reverse stock splits of the Company’s issued and outstanding shares of common stock and Series B preferred shares by an aggregate ratio of not more than one-for-100, with the exact ratio to be set at a whole number to be determined by the Company’s Board of Directors or a committee thereof in its discretion, at any time or times after approval of the amendments, and to authorize the Company’s Board of Directors to implement one or more reverse stock splits by filing one or more amendments with the Registrar of Corporations of the Republic of the Marshall Islands; and
   
   
4. the amendment and restatement of the Company’s Articles of Incorporation in substantially the form provided to all shareholders of record.
   

About Globus Maritime Limited

Globus is an integrated dry bulk shipping company that provides marine transportation services worldwide and presently owns, operates and manages a fleet of five dry bulk vessels that transport iron ore, coal, grain, steel products, cement, alumina and other dry bulk cargoes internationally. Globus’ subsidiaries own and operate five vessels with a total carrying capacity of 300,571 Dwt and a weighted average age of 12.3 years as of June 30, 2020.

Safe Harbor Statement

This communication contains “forward-looking statements” as defined under U.S. federal securities laws. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. The Company’s actual results could differ materially from those anticipated in forward-looking statements for many reasons specifically as described in the Company’s filings with the Securities and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Globus undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this communication or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks Globus describes in the reports it files from time to time with the Securities and Exchange Commission.

For further information please contact:
Globus Maritime Limited		+30 210 960 8300
Athanasios Feidakis, CEO		a.g.feidakis@globusmaritime.gr
Capital Link – New York		+1 212 661 7566
Nicolas Bornozis		globus@capitallink.com

FAQ

What were the shareholder proposals approved at Globus Maritime's meeting on September 24, 2020?

The approved proposals included the election of directors, appointment of auditors, and amendments for reverse stock splits.

Who were elected as directors at the Globus Maritime shareholder meeting?

Athanasios Feidakis and Ioannis Kazantzidis were elected as Class I directors.

What is the significance of the reverse stock split approved by Globus Maritime?

The reverse stock split could potentially affect share value and shareholder equity.

Who is the independent auditor for Globus Maritime for fiscal year 2020?

Ernst & Young was appointed as the independent auditor.

What is the fleet capacity of Globus Maritime?

Globus Maritime operates five dry bulk vessels with a total capacity of 300,571 Dwt.