Costamare Inc. announced yesterday that it has entered into a joint venture Framework Deed with York Capital Management Global Advisors LLC, 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:
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.
Gregory Zikos, Chief Financial Officer of the Company , commented: “We are pleased to announce our joint venture agreement with York, a first class and well respected fund manager, and we look forward to pursuing investment opportunities in container shipping.”
“The structure of the agreement is designed to avoid any conflict between the public company and private investors; on the contrary, Costamare Inc. will be co-investing alongside York and will have the opportunity to earn incremental returns.”
“With this agreement we complement our own purchasing power with that of our partner, allowing us to pursue opportunities of larger scale and cater to the increased needs of our clients.”
“Our strategy has always been returns-oriented; we believe that our partnership with York will further enhance investor returns. ”
[mappress]
Costamare, May 30, 2013