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TOP Ships announces agreements to sell its current fleet and acquire new vessels
These Stock Purchase Agreements are subject to approval of the transactions by the Company’s shareholders, consents from the Company’s bank lenders and charterers, if required, and other customary closing conditions. The transactions will be considered at the Company’s next Annual General Meeting of shareholders, expected to take place at the end of September, 2013. The parties anticipate that the transactions will close in late October 2013.
The Company intends to use the net proceeds of the sale to pay down existing liabilities on its balance sheet and, together with future borrowings, to initiate a program of acquisition of new vessels.
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