Safe Bulkers CEO invests €10.05m in share issue

Athens, Greece. Safe Bulkers chief executive Polys Hajioannou invested €10.05 million in the dry-bulk shipowner’s latest share issue through Moutoulas Shipping Corporation.

The investment completes Hajioannou’s participation in the company’s €80.4 million private placement, which expanded its share capital.

Share acquisition

In a regulatory announcement on Tuesday, Safe Bulkers said Moutoulas Shipping Corporation, an entity controlled by and closely associated with Hajioannou, acquired 1.5 million common shares at €6.70 each on September 11.

Hajioannou had initially subscribed for two million shares, but his allocation was reduced to 1.5 million to allow shares to be distributed to other investors, according to an earlier company filing.

Placement proceeds

Safe Bulkers raised €80.4 million in gross proceeds by placing 12 million new common shares at €6.70 each.

The company said net proceeds would be used to strengthen liquidity, finance its existing newbuilding programme, potentially support further newbuild orders or second-hand vessel acquisitions, and for general corporate purposes.

Trading and voting rights

The 12 million new shares began trading on the Main Market of Euronext Athens on September 14, following approval for their admission three days earlier.

Euronext confirmed that Safe Bulkers now has 113,833,473 listed common shares. The company separately said this figure also represents its total voting rights, as each common share carries one vote.

Safe Bulkers also has 804,950 Series C preferred shares and 3,195,050 Series D preferred shares. Neither class carries voting rights or is listed on Euronext Athens.

Dual listing

The changes come just over three months after Safe Bulkers became the first shipping company to list on Euronext Athens while retaining its New York Stock Exchange listing under the ticker SB.

At the time of the June listing, Euronext placed the company’s market capitalisation at about €580 million.