Crude Carriers Corp. Announces Shareholder Approval of Merger Agreement with Capital Product Partners L.P.
News Release
Crude Carriers Corp
September 20, 2011
Athens, Greece – September 20, 2011 – Crude Carriers Corp. (“Crude”) (NYSE: CRU) announced
today that, at a special meeting of Crude shareholders held today in Piraeus, Greece, its shareholders
have approved the proposal to adopt the merger agreement dated May 5, 2011 providing for the
acquisition of Crude by Capital Product Partners L.P. (“CPLP”) in a unit-for-share transaction with
Crude shareholders receiving 1.56 CPLP common units for each Crude share.
The consummation of the merger was subject to approval by: (i) the holders of a majority of the
voting power of the shares of Crude common stock and Crude Class B stock, voting together as a
single class; (ii) the sole holder of the shares of Crude Class B stock, voting as a separate class; and
(iii) the holders of a majority of the voting power of the shares of Crude common stock held by
unaffiliated shareholders who are not affiliates of either Crude or CPLP, voting separately.
According to the final tally of shares voted, approximately 8,447,729 shares of Crude common stock
and 2,105,263 shares of Crude Class B stock voted for the approval of the proposal to adopt the
merger agreement, representing approximately 60.8 percent and 100 percent, respectively, of the
shares outstanding and entitled to vote. Also, approximately 8,293,729 shares of Crude common
stock held by unaffiliated shareholders voted for the approval of the proposal to adopt the merger
agreement, representing approximately 60.3 percent of such shares outstanding and entitled to vote
and 97.9 percent of the votes cast.
Crude expects that the merger will be completed on or about September 30, 2011.
today that, at a special meeting of Crude shareholders held today in Piraeus, Greece, its shareholders
have approved the proposal to adopt the merger agreement dated May 5, 2011 providing for the
acquisition of Crude by Capital Product Partners L.P. (“CPLP”) in a unit-for-share transaction with
Crude shareholders receiving 1.56 CPLP common units for each Crude share.
The consummation of the merger was subject to approval by: (i) the holders of a majority of the
voting power of the shares of Crude common stock and Crude Class B stock, voting together as a
single class; (ii) the sole holder of the shares of Crude Class B stock, voting as a separate class; and
(iii) the holders of a majority of the voting power of the shares of Crude common stock held by
unaffiliated shareholders who are not affiliates of either Crude or CPLP, voting separately.
According to the final tally of shares voted, approximately 8,447,729 shares of Crude common stock
and 2,105,263 shares of Crude Class B stock voted for the approval of the proposal to adopt the
merger agreement, representing approximately 60.8 percent and 100 percent, respectively, of the
shares outstanding and entitled to vote. Also, approximately 8,293,729 shares of Crude common
stock held by unaffiliated shareholders voted for the approval of the proposal to adopt the merger
agreement, representing approximately 60.3 percent of such shares outstanding and entitled to vote
and 97.9 percent of the votes cast.
Crude expects that the merger will be completed on or about September 30, 2011.