CORRECTION: ITCL - 2013 Annual General Meeting
Press release from Independent Tankers Corporation Limited 24.09.2013
Independent Tankers Corporation Limited (the "Company") advises that the 2013 Annual General Meeting of the Company was held on September 20, 2013 at 11:00 a.m. at the Elbow Beach Hotel, 60 South Shore Road, Paget PG04, Bermuda. The following resolutions were passed:
1) To re-elect Tor Olav Trĝim as a Director of the Company;
2) To re-elect Kate Blankenship as a Director of the Company.
3) To re-elect Inger M. Klemp as a Director of the Company.
4) To re-appoint PricewaterhouseCoopers AS of Oslo, Norway as auditors and to authorise the Directors to determine their remuneration.
5) That, with effect from 12:00 p.m. (Bermuda time) on September 30, 2013, or such other time as may be determined by the Board of Directors of the Company (the "Effective Date") a capital reorganisation (the "Capital Reorganisation") of the Company be implemented as follows :
a) the issued and paid-up share capital of the Company be reduced from US$22,447,549.80 to US$748,251.66 by cancelling the paid-up capital of the Company to the extent of US$0.29 on each of the issued shares of par value US$0.30 in the share capital of the Company as at the Effective Date so that each issued share of US$0.30 shall from the Effective Date have a par value of US$0.01 be treated in all respects as one (1) fully paid-up share of par value US$0.01 (the "Capital Reduction");
b) that subject to and forthwith upon the Capital Reduction taking effect, the amount of credit arising therefrom be credited to the contributed surplus account of the Company and that the Directors of the Company be authorized to apply any credit balance in the contributed surplus account of the Company in accordance with the Bye-laws of the Company and all applicable laws;
c) that subject to and forthwith upon the Capital Reduction taking effect, all the 591,841,501 authorised but unissued shares of US$0.30 each in the Company be cancelled and the authorized share capital of the Company of US$200,000,000.00 be diminished by US$177,552,450.20 representing the amount of shares so cancelled and forthwith upon such cancellation, the authorized share capital of the Company be restored to US$200,000,000.00 by creating 19,925,174,834 shares of par value US$0.01 each; and
d) that subject to and forthwith upon the Capital Reduction taking effect, the register of shareholders (and each branch register and sub-register) shall be amended such that the shares in issue on the Effective Date shall be recorded as having a par value of US$0.01 each.
6) That the remuneration payable to the Company's Board of Directors of a total amount of fees not to exceed US$50,000 be approved for the year ended December 31, 2013.
In addition, the audited consolidated financial statements for the Company for the year ended December 31, 2012 were presented to the Meeting.
Hamilton, Bermuda
September 20, 2013
