Tue 20 Feb 2018, 09:23 GMT

Aegean shareholder group 'gravely concerned' by board's 'silence'


Committee for Aegean Accountability says it intends to serve the company with a books and records request.



The Committee for Aegean Accountability - a group of long-term shareholders of bunker supplier Aegean Marine Petroleum who collectively control around 12 percent of the company - issued a statement on Monday to the chairman of the company's board of directors.

Below is the statement issued by Committee leader Tyler Baron on behalf of the Committee:

We are deeply disappointed by the Board's lack of response to our nomination of four highly qualified candidates for election to the Board at the 2018 Annual Meeting. The Committee has, in good faith, made repeated efforts at constructive engagement, including a public letter to the Company in December. To date, these efforts have been met with silence and dismissal from the Board. Unfortunately, this is consistent with the Board's established pattern of inadequately addressing the concerns of the very shareholders for which it has a fiduciary duty to represent, a pattern which required the formation of the Committee to begin with and has persisted.

A foundational principle of corporate governance is that the owners of a company are vested with the power to choose who will best represent their interests and uphold the fiduciary duties to which the board of directors is bound. The Committee's nominations present shareholders with a compelling choice to restore accountability to the Board and unlock substantial shareholder value. Based on extensive feedback from shareholders, the Committee is confident that its views are broadly shared. We look forward to soliciting votes in favor of the election of our slate of four highly qualified nominees to restore credibility on the Board and effect long-overdue changes at the Company.

The Committee would like to remind the Board that while the majority of its members are based in Greece, the Company is subject to the applicable laws and regulations of the Securities and Exchange Commission, the New York Stock Exchange and the Republic of the Marshall Islands, where the Company is domiciled. This Board's troubling history of related party transactions that benefit Founder Dimitris Melissanidis at the expense of shareholders makes us gravely concerned that the Board's silence means it is contemplating a transaction designed to dilute shareholder influence at Aegean. We caution the Board against any attempt to suppress the voting rights of shareholders through a dilutive transaction.

The Committee can only interpret the Board's lack of meaningful response as a further indication of its entrenchment, and absent any communication, we intend to serve the Company with a books and records request to determine the full extent of the Board's involvement in related party dealings. As always, however, we remain ready and willing to engage in constructive discussions with the Company at all times.


Nuclear-powered multi-role icebreaker design render. RINA grants approval for Chinese nuclear-powered Arctic icebreaker design  

CSSC's multi-role vessel combines cargo transport and polar tourism with molten salt reactor propulsion.

Glander International Bunkering logo. Glander International Bunkering seeks two bunker traders for Singapore office  

Firm recruiting traders with 3-5 years of experience to join team in key Asian hub.

Hiring concept with puzzle pieces. Malik Supply seeks bunker trader for Fredericia office  

Danish company advertises role focusing on client portfolio development and energy product trading.

Hiring concept with puzzle pieces and a magnifying glass. Chimbusco Pan Nation seeks credit analysts for Asia-Pacific and Middle East expansion  

Bunker firm recruiting for Hong Kong, Singapore, and Shanghai offices with APAC and MENA focus.

Wärtsilä 20DF small dual-fuel engine render. Wärtsilä to supply biodiesel-capable engines for AMAGGI's two new Amazon pusher tugs  

Brazilian operator orders fuel-flexible engines for vessels designed to push 20 barges on inland waterways.

Fluvius Tavy vessel. Amasus installs second bound4blue wind sail on general cargo vessel  

Dutch shipowner installs what is said to be the largest suction sail ever fitted to a general cargo vessel.

Vasileios Analytis, Burando Energies. Burando Energies appoints Vasileios Analytis as commercial director in Dubai  

Marine fuel trader promoted following expanded trading activity and commercial development.

Japan Engine Corporation (J-ENG) logo. J-ENG starts development of methanol-fuelled marine engine  

Japanese engine maker targets 2027 completion for UEC50LSJM model following ammonia and hydrogen engine projects.

Mureloil 8,000-dwt vessel render. AYK Energy secures second battery contract with Mureloil for chemical tankers  

Spanish ship owner orders hybrid propulsion systems for two 8,000-dwt vessels transporting biofuels and methanol.

21,700-teu vessel render. DNV approves 21,700-teu container ship design with ammonia fuel capability  

Design by Zhoushan Changhong and CIMC ORIC can accommodate LNG or ammonia propulsion systems.