Hellenic Carriers’ exit from AIM market approved by shareholders

Shareholders have approved Hellenic Carriers’ plan to delist its stock from the AIM market of the London Stock Exchange, which will be effected next week.

Trading of Hellenic’s ordinary shares on AIM will cease at the close of business in London on April 19, with the delisting effective from April 20.

The requisite majority of over 75% of voters approved the plan at the company’s annual general meeting in Athens today.

Hellenic has previously said its controlling shareholders may offer to buy ordinary shares after the company delists, but “this has not been confirmed”.

The AGM also appointed Apostolos Kontoyiannis as the company’s new non-executive director, effective immediately. Its other non-executive directors and chairman of the board have retired from their positions.

The delisting was first mooted early in March in light of the $34m loss Hellenic made during its fiscal year 2015, compared to a $17m loss in 2014.

“The primary objectives and perceived benefits of being quoted on a public market are to gain access to capital and create a liquid market in the company’s ordinary shares. If these objectives cannot be achieved efficiently and cost effectively, the board has a duty to reconsider the merits of a listing. The board has reached the view that the company does not enjoy any of these benefits,” the company said in March.

Hellenic operates a fleet comprising one panamax bulk carrier, two supramaxes and two kamsarmaxes.