The Boards of Directors in Dampskibsselskabet Orion A/S (Orion) and Shipholding Holding A/S (Eitzen Bulk) have today approved a merger of the two Camillo Eitzen & Co ASA (CECO) controlled companies,

with Orion as the continuing company.? Orion’s existing listing on
NasdaqOMX provides a unique opportunity (or platform) for expanding
CECO’s bulk activities.

The approval of the merger will be subject to final approval of the
General Meeting’s in the two companies to be held on 18 December 2009.
After the merger, Orion will change name to Eitzen Bulk Shipping A/S
and contain the bulk activities of CECO. An agreement has been reached
whereby Eitzen Bulk key personnel have acquired MUSD 10 of shares in
Eitzen Bulk from CECO.? After the merger the key personnel’s share
holding will be 14.6 %, and CECO’s ownership share will be about 85 %.
After the acquisition of own shares by Eitzen Bulk Shipping A/S CECO
will own about 75 % of the outstanding shares (for further information
please see merger document).
https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=374471&messageId=447848

Peter D Knudsen, CEO of CECO says:

“We are very pleased with the opportunity to leverage on Orion’s
current position as a stock listed company by merging with the bulk
activities of CECO. The merger will provide a unique opportunity to
expand Eitzen Bulk’s existing operating activities by providing a
platform for engaging further into ship owning when the window of
opportunity occurs.? Eitzen Bulk Shipping A/S will continue to be one
of the key investments for CECO, and we are pleased that the key
personnel have become co-owners in Eitzen Bulk Shipping A/S”.

Source: Eitzen Group

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