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Costamare Inc.
announced today that it has entered into a joint
venture Framework Deed with York Capital Management Global Advisors LLC
(“York”), a New York-based investment advisor firm, to invest jointly up to
approximately $500 million in equity for the acquisition of container vessels.
Under the Agreement:
* Costamare Inc. will hold up to a 49% interest in the joint venture. It
will have the option to increase its percentage participation from a
minimum of 25% to a maximum of 49% within a pre-determined time period
after each acquisition commitment has been agreed upon.
* Decisions regarding vessel acquisitions will be taken jointly.
* The joint venture is expected to be each party's exclusive vehicle for the
acquisition of vessels in the container industry during the two-year
investment period and it will have a right of first refusal on any
container vessel acquisitions proposed by either party.
* The term of the joint venture is six years unless earlier terminated by
the parties upon the occurrence of certain extraordinary events or
disagreements. Upon any termination of the joint venture, Costamare Inc.
will have the right to require a split of the vessel fleet between the
parties.
* Costamare Shipping Company S.A. (“Costamare Shipping”), an affiliate of
Costamare Inc. controlled by one of its principal shareholders, will
provide shipmanagement services, with the right to subcontract to V.Ships
Greece Ltd. and/or Shanghai Costamare Shipmanagement Co. Ltd. Costamare
Shipping currently provides shipmanagement services to Costamare Inc. on
an exclusive basis.
The board of directors of Costamare Inc. has unanimously approved the
Framework Deed and necessary waivers under the existing management agreement
between Costamare Shipping and Costamare Inc.
The summary of the Framework Deed set out above is qualified in its entirety
by reference to the full text of the Framework Deed, which will be filed with
the SEC.
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