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Polaris Holding Company Ltd. Becomes The Parent Company of Stevedoring Services Limited
Hamilton, Bermuda: 28 March 2011 – Polaris Holding Company Ltd. (POLAR.BH) has become the parent company of Stevedoring Services Limited (STVD.BH) by way of reorganization under a Scheme of Arrangement in accordance with the Companies Act 1981.
The Scheme of Arrangement was agreed by the shareholders of Stevedoring Services Ltd. on Wednesday, 16 March 2011 and was sanctioned by the Supreme Court on Friday, 25 March 2011.
As a result of the reorganization, trading in shares of Stevedoring Services Limited on the Bermuda Stock Exchange has ceased and its listing has been cancelled. The common shares of Polaris Holding Company Ltd. have been approved for listing on the Bermuda Stock Exchange effective at the market opening on Monday, 28 March 2011.
Shareholders of Stevedoring Services Limited will become shareholders of Polaris Holding Company Ltd. in the same proportion as their current shareholding (i.e. for each share of Stevedoring held they will receive a share of Polaris).