New York-listed international bunkering firm Aegean Marine Petroleum Network has provided several business updates to the market.
The firm announced the appointment of Donald Moore, who has over 40 years of experience at Morgan Stanley, to serve as Chairman of the Board. He was the Chairman of Morgan Stanley Group (Europe) from 2000-2016 where he managed over $552 billion worth of transactions.
The Board of Directors has also directed management to evaluate Aegean’s physical assets, existing footprint, and the capital efficiency of every business activity in which the firm is engaged and each port in which it operates.
It plans to relocate its principal offices from the current location in a building owned and operated by Melisanidis, and expects the relocation and related organizational changes to result in “significant” cost savings.
Separately, Aegean says it recorded “stable” operating results in the first quarter of 2018 which were “largely consistent” with the fourth quarter of 2017 results, but was unable to provide details. However, it noted business continuing to generate positive cash flow.
Moving forward, Aegean notes it has received an expected notice from the New York Stock Exchange (NYSE) stating it is not in compliance with the NYSE’s continued listing requirements due to the delay in filing its annual report.
Aegean clarifies that it will not be in a position to file its annual report until the audit committee completes its annual review, and cannot predict with certainty when the review of the 2017 financial statements will be completed.
“The Company does not expect to make further comment regarding such review until its conclusion,” it says.
Related: Aegean drops founder, elects new board members
Related: Aegean requests for ‘additional time’ to file annual report
Related: Aegean welcomes new Chief Financial Officer
Related: Lawsuit filed against Aegean’s H.E.C. acquisition
Related: Aegean to offer ‘one-stop-shop solution’ with H.E.C. acquisition
Related: Aegean in $367 million acquisition of port reception facilities services group
Related: Aegean shareholders ‘gravely concerned’ over board’s silence
Related: Shareholders nominate ‘highly qualified’ candidates to Aegean board
Related: Aegean Marine Petroleum Network under shareholder pressure
Published date: 24 May, 2018
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