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Dockwise urges Fairstar EGM

July 5 - Having increased its control over the outstanding shares in Fairstar Heavy Transport (Fairstar) to 93.63 percent, through its wholly owned subsidiary Dockwise White Marlin bv, Dockwise has applied to a Dutch court for authority to convene an extr

Dockwise says it would use that EGM to seek the appointment of three independent directors to the Fairstar Supervisory Board in addition to the two current members. Dockwise says it has made this proposal to Fairstar on various occasions, adding that Fairstar has consistently rejected this proposal and refused to meet with the proposed candidates.

Dockwise states that it is important that the Fairstar Supervisory Board is at full strength to ensure adequate independent supervision on behalf of Fairstar and all its stakeholders and to comply with the Fairstar articles of association.

It adds that Fairstar's unwillingness to discuss and follow-up on that governance proposal, led to its decision to make the request to the court, whilst continuing to encourage Fairstar to reconsider its position, in light of the current shareholding situation.

The latest tranche of shares were bought from ODIN and certain other shareholders.

www.dockwise.com

www.fairstar.com

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