SEA6 Limited acquires 26.5 per cent of shares in Miclyn Express OffshoreCompany News // August 30, 2011
Miclyn Express Offshore (MEO) says it has been advised by SEA6 Limited, a company
affiliated with Headland Capital Partners Limited, that it has purchased approximately
26.5 per cent of the shares in MIO at a fixed price of A$1.86 per share.
MEO said it wished to remind its shareholders that, although the company is listed on Australian Stock Exchange, it is incorporated in Bermuda and therefore operates subject to Bermuda law and is not subject to certain provisions of the Corporations Act 2001.
Under Bermuda law, there is no equivalent prohibition on shareholders owning more than 20 per cent of the shares in an entity.