Dockwise asks court authorisation to convene Fairstar EGM

Company News - July 5, 2012

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Dockwise has, through its wholly-owned subsidiary Dockwise White Marlin BV, requested the Rotterdam court for authorisation to convene an extraordinary shareholders meeting of Fairstar Heavy Transport to appoint three independent directors to the Fairstar Supervisory Board in addition to the two current members.

As announced previously, Dockwise has on various occasions proposed to Fairstar to discuss the appointment of three new and independent Supervisory Board members.

Dockwise has proposed three highly qualified professionals with relevant experience for Fairstar, who are independent from Dockwise and independent within the meaning of the Dutch Corporate Goverance Code.

Fairstar has consistently rejected this proposal and refused to meet with the proposed candidates.

Dockwise holds that it is important that the Fairstar Supervisory Board is at full strength to ensure adequate independent supervision on behalf of Fairstar and all its stakeholders and to comply with the Fairstar articles of association.

As a result of Fairstar's unwillingness to discuss and follow-up on the governance proposal of Dockwise, Dockwise was required to make the request to the court.

"However," said the company, "Dockwise has urged Fairstar again to reconsider its position, also in view of the current shareholding of Dockwise.

Dockwise now controls a 83.4 per cent stake in Fairstar.


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