Dubai – MENA Herald: Gulf Navigation Holding PJSC (DFM: GULFNAV), the Dubai-based shipping company, has announced that it will host the company’s General Assembly meeting on January 11, 2016 at the Crowne Plaza Hotel in Dubai. The meeting is set to cover a six-point agenda which includes;
- The Board of Directors’ proposal to issue mandatory convertible bonds at a nominal value of AED 1–with a total issuance volume of USD 60 million equivalent to AED 220 million, provided that the value of the first tranche will be USD 25 million equivalent to AED 92 million. The move also seeks to authorize the Board of Directors to negotiate with creditors and determine the value of other tranches subject to a maximum of USD 35 million equivalent to AED 128 million.
- The Board of Directors’ proposal to offer the Bonds to the Company’s existing shareholders first and thereafter offering all the Bonds or the balance thereof, as the case may be, to the company’s creditors.
- The Board of Directors’ proposal that the cash paid by the shareholders against Bonds be the higher of the average share price in the market during the 30 days preceding the passing of the General Assembly’s Special Resolution or the share price in the market at closing on the business day immediately preceding the date of the General Assembly meeting in which the Special Resolution approving the issuance of Bonds has been passed.
- The move to authorize the Board of Directors to issue the Bonds in one or more tranches under a program and determine the date of mandatory conversion into shares and listing of those shares on the financial market.
- Creation of a special reserve in the Company’s accounts for the difference between the nominal value of the Bonds and the cash amount received so that the whole net annual profit after deduction of reserves and amortizations is allocated to such special reserve on annual basis.
- Authorize the Board of Directors to take all legal procedures required to issue the Bonds without violation of the Commercial Companies Law.
Headquartered in Dubai and with an overseas office in the Kingdom of Saudi Arabia (KSA), the fully integrated ship-owning company operates from all ports in the UAE. GULFNAV is accredited by international certification body Det Norske Veritas for both International Safety Management (ISM) and International Ship Security Certification (ISPS Code). It is also ISO 9001:2008 (Quality Management System) accredited through Bureau Veritas, a global leader in Testing, Inspection and Certification (TIC).