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Fairstar Heavy Transport re-opens and continues AGM

May 14 - Commenting on the decision to re-open and continue its AGM earlier today, Frits van Riet, chairman of the Fairstar Heavy Transport Supervisory Board, commented: "Fairstar reconvened the AGM with the intention of providing our shareholders with th

In spite of having made it perfectly clear to Dockwise/White Marlin early last week that their participation was welcome and all of their rights and voting powers would be recognised, they attempted to stop the meeting by going to court in the Netherlands.

"When they came to the realisation that they would not succeed in frustrating our commitment to proper corporate governance, they withdrew their case and attended the AGM this morning. Unfortunately, in spite of our desire to enter into a constructive dialog, Dockwise/White Marlin decided to use the occasion to vote against all of the resolutions on the Agenda with one exception (the appointment of KPMG as the auditors of the company). While this is not a surprise, it continues to raise our concerns that the opportunistic and hostile approach by Dockwise/White Marlin must be regarded with concern.

"A significant minority of our shareholders has expressed quite clearly that an offering price of NOK9.3 is far below the true value of their company. The negative and hostile attitude of Dockwise/White Marlin towards Fairstar, our Joint Boards, and our employees at the AGM today came as quite a shock. It seems difficult to imagine why they are buying Fairstar after witnessing their behaviour at our AGM. Minority shareholders, represented at the AGM today expressed their concern that the chaotic situation created by Dockwise/White Marlin is not consistent with the expectations of a constructive dialog and exposes Fairstar to dangers and risks that may affect the interests of the minorities. On behalf of the joint boards of Fairstar, we would like to make it clear that we are mindful of our duties to protect the interests of all stakeholders in Fairstar.

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