EuroHoldings an owner and operator of ocean-going vessels and provider of seaborne transportation, announced that, following its spin-off from Euroseas Ltd. on March 18th of this year, its Board of Directors has initiated a comprehensive review of strategic alternatives to maximize shareholder value. These alternatives include, 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. Seaborne Capital Advisors has been retained as financial advisor to the Board to assist in the evaluation process.
The Company’s Board of Directors has not set a timetable for the conclusion of this review, nor has it made any decisions 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. The Company 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 commented: “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.”