December 7 - Further to the report posted here on October 21st, TBS International Limited has now announced that its shareholders have approved a proposal to change the place of incorporation of the company to Ireland from Bermuda.
The transaction remains subject to the approval of the Supreme Court of Bermuda, which the company expects to obtain on or about December 10, 2009. The company expects to complete the transaction in January 2010.
Following the transaction, TBS International plc, an Irish company known asTBS-Ireland, will become TBS's parent company. Current shareholders of TBS will become shareholders of TBS-Ireland. TBS-Ireland will be registered with the U.S. Securities and Exchange Commission ("SEC") and be subject to the same SEC reporting requirements as TBS is today. TBS-Ireland's shares will trade on the Nasdaq Global Select Market.
TBS is a fully integrated transportation service company that offers customers service consisting of ocean transportation, port services, and strategic planning. TBS has developed its business around key trade routes between Latin America and China, Japan and South Korea, as well as select ports in North America, Africa, the Caribbean and the Middle East.
