Business Context and Reporting Period
This Form 6-K filing by Nordic American Tanker Shipping Limited covers the month of July 2009. The report serves to disseminate the official results of the Company's 2009 Annual General Meeting of Shareholders, which was held on June 19, 2009, in Hamilton, Bermuda.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on corporate governance resolutions passed at the Annual General Meeting.
Material Changes and Corporate Actions
- Share Capital Reduction: Shareholders approved a reduction of the Company's paid-up share capital. The reduction will be credited to the Contributed Surplus Account to facilitate future dividend payments under Bermuda law.
- Board Expansion: The Board of Directors was expanded by two additional seats. These seats are currently vacant but may be filled at a later time.
- Auditor Appointment: Deloitte AS was approved as the independent auditor for the fiscal year ending December 31, 2009.
- Director Elections: All nominees for the Board of Directors were approved to serve until the next Annual General Meeting.
Management Commentary and Voting Results
Management reported that more than 90% of the shares voting on each item voted in favor of the proposals. The reduction of share capital is specifically noted as a strategic move to align with the Company's full dividend policy under local regulations.
Investor Verification Checklist
- Verify the specific amount of share capital reduction and its impact on the Contributed Surplus Account in subsequent financial statements.
- Monitor future filings for the appointment of directors to the two newly created Board seats.
- Confirm the commencement of the audit by Deloitte AS for the fiscal year ending December 31, 2009.
- Review the Company's dividend policy implementation following the capital reduction.