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Freeseas rubbishes claims of majority buy-out

Freeseas has rubbished claims that Havensight Capital is to launch a tender to acquire an 85% stake in the company, which is listed in the OTCQB Market.

Havensight published a press release on Thursday, announcing its intention to make a tender offer for Freeseas’ common stock at a price of $0.43 per share.

The Athens-based shipping company called the press release “false and misleading” and said it did not disclose material facts.

“In particular, the Havensight press release fails to disclose that Havensight has not made the necessary filing with the US Securities and Exchange Commission in order to commence a tender offer,” Freeseas said today.

“Such tender offer filing would require Havensight to provide significant disclosures about itself, its financial position, the source of the funds in order to complete the tender offer, among other required disclosures,” the company added.

Freeseas said Havensight was not authorised to disseminate the information or use its name and ticker symbol, and said it has alerted regulatory authorities.

In its announcement on Thursday, Havensight claimed its tender offer would commence on July 25 and end on November 25 this year. Its director, Benjamin Woodhouse, commented: “Global transportation logistics are a critical component to the world economy, we are very excited about the potential to now capitalize on growth trends in this market.”

Freeseas’ stock is trading at $0.049 per share at the time of writing.


Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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