(Alliance News) - d'Amico International Shipping SA announced Tuesday that shareholders approved the amalgamation of the company's shares at the ratio of one new share for every ten existing shares.

As a result of the amalgamation, the company's share capital will be USD62.1 million and divided into 124.1 million no par value shares.

In connection with and as a result of the company's new share capital, the shareholders' meeting also resolved to consequently amend the authorized share capital of the company to an amount of USD87.5 million, divided into 175.0 million shares, and to renew, for a period of five years, the related authorization of the board of directors to increase the issued capital up to the maximum amount of the authorized capital and to exclude or limit the shareholders' pre-emptive right.

In addition, the shareholders' meeting resolved to renew the authorization of the board of directors to purchase and dispose of the company's treasury shares for a period of five years and for a maximum number of 18.6 million shares of the company, including the treasury shares already held by d'Amico.

Following this latest decision, the company decided to cancel the previous buyback plan, during which it still did not buy back prorpie shares but granted 263,209 to the beneficiaries of the company's 2019-2021 incentive plan.

To date, d'Amico holds 18.1 million treasury shares, representing 1.5 percent of its share capital.

d'Amico's stock closed Tuesday up 2.9 percent at EUR0.36 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.