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EuroHoldings Ltd Announces Agreement Between its Majority Shareholders and Marla Investments Inc. for 51.04% of the Company's outstanding common shares
Globenewswire· 2025-06-23 20:05
Core Viewpoint - EuroHoldings Ltd has entered into a Stock Purchase Agreement where shareholders associated with the Pittas family sold 51.04% of the company's outstanding common shares to Marla Investments Inc, affiliated with the Latsis family, marking a significant change in ownership structure [1][6]. Group 1: Transaction Details - The transaction involved the sale of 1,437,697 shares at approximately $12.90 per share in cash, with additional quarterly cash payments contingent on the continued employment of two containerships beyond their minimum charter periods [2]. - The Pittas family retained approximately 7.6% ownership in the company after the transaction [1]. Group 2: Board Changes - Following the transaction, two board members, Aristides P. Pittas and Dr. Anastasios (Tasos) Aslidis, resigned, and new members George Margaronis and Christos Triantafillidis were appointed to fill the vacancies [3][4]. - The Board unanimously approved the Company Undertakings related to the transaction, which included amending the Shareholders' Rights Plan and considering new board members suggested by the Purchaser [4]. Group 3: Company Background - EuroHoldings Ltd was incorporated on March 20, 2024, as a holding company for three vessel-owning subsidiaries and is listed on the Nasdaq Capital Market under the symbol "EHLD" [7][9]. - The company operates a fleet of two feeder containership vessels with a cargo capacity of 40,882 dwt, or 3,171 teu, managed by Eurobulk Ltd, which provides day-to-day commercial and technical management [8].
Elliott Director Nominees Send Letter to Phillips 66 Shareholders
Prnewswire· 2025-05-20 12:00
Core Viewpoint - Elliott Investment Management is advocating for the election of four independent director nominees to the board of Phillips 66, emphasizing their skills and experiences to drive positive change and create value for shareholders [1][2][3]. Group 1: Nominees' Qualifications - The four nominees—Brian Coffman, Sigmund Cornelius, Michael Heim, and Stacy Nieuwoudt—bring a diverse set of skills relevant to Phillips 66, including leadership in refining, financial oversight, midstream operations, and an investor's perspective [3][4]. - Each nominee has experience serving on boards of companies at various stages, which positions them to address the unique challenges faced by Phillips 66 [3]. Group 2: Value Creation Potential - The nominees believe that closing the performance gap between Phillips 66 and its competitors is achievable, citing the company's high-quality assets and talented workforce as key strengths [4]. - They propose a focus on operational excellence, accountability, and corporate governance to unlock the company's potential and enhance its market position [4]. Group 3: Commitment to Collaboration - If elected, the nominees are prepared to work constructively with incumbent directors to strengthen Phillips 66, emphasizing their independent thinking and readiness to ask challenging questions [5]. - The nominees express a commitment to improving the company's credibility with shareholders and conducting thorough evaluations of its current structure and operations [5][6].