General Maritime Corporation and Arlington Tankers Ltd. jointly announced that each company’s shareholders have approved the proposed combination of General Maritime and Arlington.
Peter Georgiopoulos, Chairman, President and Chief Executive Officer of General Maritime, commented, “We are pleased with the approval of the merger and excited about the Company’s prospects. With a large diverse double-hull fleet, we believe we are in a strong position to continue to provide leading charterers with service that meets stringent operational standards. We believe we are also poised to continue to create near-term value for shareholders through our $2.00 per share dividend target, which is supported by the fleet’s contracted revenue stream over the next several years. The improved liquidity of the combined company will allow us to pursue future growth opportunities and increase shareholder value for the long-term.”
At the General Maritime special meeting of shareholders held on Tuesday, December 16, 2008, in New York, New York, General Maritime announced that 21,916,026 shares of General Maritime common stock were voted in favor of adoption of the merger agreement and approval of the General Maritime merger, 112,549 shares were voted against adoption of the merger agreement and approval of the General Maritime merger, and 53,876 shares abstained from voting. The shares voted for adoption of the merger agreement and approval of the General Maritime merger represented approximately 99.25% of the shares voted at the meeting and approximately 69.97% of the shares of General Maritime common stock outstanding as of October 27, 2008, the record date for the General Maritime special meeting. In order to be adopted and approved, the merger agreement and the General Maritime merger required the approval of at least a majority of the total number of shares of General Maritime common stock outstanding as of the record date for the General Maritime special meeting.
At the Arlington special general meeting of shareholders held on Tuesday, December 16, 2008, in New York, New York, Arlington announced that 9,860,327 common shares of Arlington were voted in favor of adoption of the merger agreement, 1,177,894 common shares were voted against adoption of the merger agreement, and 38,685 shares abstained from voting. The shares voted for adoption of the merger agreement represented approximately 89.02% of the common shares voted at the meeting and approximately 63.62% of the common shares of Arlington outstanding as of October 27, 2008, the record date for the Arlington special general meeting. In addition, Arlington announced that 9,857,910 common shares of Arlington were voted in favor of adoption of the Arlington amalgamation agreement, 1,178,546 common shares were voted against adoption of the Arlington amalgamation agreement, and 40,249 shares abstained from voting. The shares voted for adoption of the Arlington amalgamation agreement represented approximately 89.00% of the common shares voted at the meeting and approximately 63.60% of the common shares of Arlington outstanding as of the record date for the Arlington special general meeting. In order to be adopted, the merger agreement and the Arlington amalgamation agreement each required the approval of at least a majority of the votes cast at the Arlington special general meeting and entitled to vote thereon.
The transaction is expected to be completed after the close of the market on Tuesday, December 16, 2008. The combined company is expected to commence trading on the NYSE on Wednesday, December 17, 2008 under the symbol GMR.