Safe Bulkers, Inc. Announces Results of 2020 Annual Meeting of Stockholders

Rhea-AI Summary

On August 3, 2020, Safe Bulkers (NYSE: SB) held its annual shareholders' meeting in Greece, where two Class III directors, Frank Sica and Konstantinos Adamopoulos, were elected. Their term will end in 2023. Shareholders ratified Deloitte as independent auditors for the fiscal year 2020 and granted the board authority for potential reverse stock splits ranging from 1-for-2 to 1-for-5. An equity compensation plan for independent directors was also approved. Safe Bulkers specializes in marine drybulk transportation services, catering to major global users.

Positive

• Election of two experienced Class III directors strengthens leadership.
• Approval of an equity compensation plan may enhance director commitment.

Negative

• Potential reverse stock splits could dilute shareholder value.
• Dependence on market conditions for future growth may pose risks.

MONACO, Aug. 03, 2020 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced the election of two Class III directors at the Company’s annual meeting of stockholders held in Greece today.

Frank Sica and Konstantinos Adamopoulos were elected Class III directors. The Class III directors were elected to hold office for a term ending at the annual meeting of stockholders in 2023 and until their respective successors have been duly elected and qualified.

Stockholders also (i) ratified the appointment of Deloitte, Certified Public Accountants S.A. as the Company’s independent auditors for the fiscal year ending December 31, 2020, (ii) granted discretionary authority to the Company’s board of directors to effect one or more reverse stock splits of the issued and outstanding shares of common stock of the Company, at ratios within the range from 1-for-2 up to 1-for-5 in the aggregate and (iii) approved the adoption of an equity compensation plan for the independent directors of the Company.

About Safe Bulkers, Inc.

The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world’s largest users of marine drybulk transportation services. The Company's common stock, Series C and Series D preferred stock is listed on the NYSE, where it trades under the symbols “SB”, “SB.PR.C” and “SB.PR.D”, respectively.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and in the Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, the Company’s growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for drybulk vessels, competitive factors in the market in which the Company operates, risks associated with operations outside the United States and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information please contact:

Company Contact:
Dr. Loukas Barmparis
President
Safe Bulkers, Inc.
Tel.: +30 2 111 888 400
+357 25 887 200
E-Mail: directors@safebulkers.com 

Investor Relations / Media Contact:
Nicolas Bornozis, President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, N.Y. 10169
Tel.: (212) 661-7566
Fax: (212) 661-7526
E-Mail: safebulkers@capitallink.com 

FAQ

What were the key outcomes of the Safe Bulkers annual meeting on August 3, 2020?

The annual meeting resulted in the election of two Class III directors and approvals for independent auditors and an equity compensation plan.

What is the significance of the reverse stock split authority granted to Safe Bulkers?

The board was granted authority to perform reverse stock splits, which could affect shareholder value.

Who were the newly elected directors of Safe Bulkers in 2020?

Frank Sica and Konstantinos Adamopoulos were elected as Class III directors.

Which accounting firm was ratified as independent auditors for Safe Bulkers for 2020?

Deloitte was ratified as the independent auditors for the fiscal year ending December 31, 2020.