Nasdaq-listed shipowner of ocean-going vessels EuroHoldings announced that following its spin-off from Euroseas on March 18, its board of directors has initiated a review of strategic alternatives to maximize shareholder value, according to the company’s release.
Multiple alternatives are on the table including -among other possibilities- a potential sale of all or part of the company, a corporate acquisition, a merger or other business combination with another party or a partnership, or other strategic or financial transactions.
EuroHoldings noted that its board of directors has not set a timetable for the conclusion of this review, and that no decisions have been made related to any further actions or potential strategic alternatives at this time.
“There can be no assurance that any transaction or other strategic outcome will be approved by the board or otherwise consummated,” reads the company’s statement.
The company also said that it does not intend to disclose developments relating to this process until it determines that further disclosure is appropriate or required by law.
Aristides Pittas, chairman and CEO of EuroHoldings, said: “The company has a cash balance of approximately $13 million, no debt and two vessels employed under lucrative charters through most of their remaining useful life.
“The board and management team have been actively evaluating the business and strategy to ensure the company pursues the best path forward to enhance shareholder value.
“To be comprehensive in its assessment of value creation opportunities, the board has initiated this exploration of strategic alternatives and will evaluate them relative to the long-term value potential of the company on a stand-alone basis.”
To remind, Euroholdings was incorporated by Euroseas to serve as the holding company of three subsidiaries that were spun-off by Euroseas to Euroholdings.
