Goldenport Holdings Inc. Announces the Initiation of a Share buy-back program
News Release
Goldenport Holdings, Inc.
September 26, 2011
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<P class=f><SPAN style="FONT-WEIGHT: bold"><SPAN class=ak>Athens,
</SPAN></SPAN><SPAN style="FONT-WEIGHT: bold"><SPAN class=ak>26 September
</SPAN></SPAN><SPAN style="FONT-WEIGHT: bold"><SPAN
class=ak>2011</SPAN></SPAN></P>
<P class=an><SPAN class=ak></SPAN> </P>
<P class=an><SPAN class=af>Initiation of a Share buy-back programme</SPAN></P>
<P class=f><SPAN class=ak></SPAN> </P>
<P class=ao><SPAN class=ae>Goldenport Holdings Inc. ("Goldenport" or "the
Company"), (LSE: GPRT) the international shipping company that owns and operates
a fleet of container and dry bulk vessels announces that with effect from today
and at its sole discretion, it intends to commence a limited share buy-back
programme, as the Board of Directors ("the Board") considers that the current
share price is trading at a significant discount to the underlying value of the
Company.</SPAN></P>
<P class=ao><SPAN class=ae></SPAN> </P>
<P class=ao><SPAN class=ae>Management remains focused on delivering the
Company's growth strategy and has the financial flexibility to continue to
pursue potential vessel acquisitions that meet its investment criteria and to
drive organic growth while maintaining a sustainable dividend policy. In light
of this and the return on capital opportunity implied by the current share
price, the Board believes an initial buy-back of up to £ 1 million in value is
an appropriate use of its cash.</SPAN></P>
<P class=ao><SPAN class=ae></SPAN> </P>
<P class=ao><SPAN class=ac>The Company has a strong balance sheet with which to
make the share buy-back purchases whilst also continuing to seek further
shipping investment opportunities to enhance shareholder value. </SPAN></P>
<P class=ao><SPAN class=ae></SPAN> </P>
<P class=ao><SPAN class=ae>The buy-back programme will be conducted in
accordance with the resolution passed at the last Annual General Meeting on 17
May 2011, providing the Company a general authorisation to make purchases of up
to <SPAN class=ab>9,128,243 Shares of US$0.01 each, representing approximately
10% of the Company's issued share capital. The timing and quantum of any
purchases will be determined by Goldenport in accordance with the Listing Rules
of the UK Listing Authority and with regard to the prevailing market conditions
and any other relevant considerations. The Company is not planning to purchase
more than fifty per cent of the average daily volume traded in the twenty
trading days preceding the date of purchase. Any shares purchased will be held
in treasury.</SPAN></SPAN></P>
<P class=ao><SPAN class=ac></SPAN> </P>
<P class=ao><SPAN class=ac>Captain Paris Dragnis, Founder and Chief Executive
Officer of the Company commented: </SPAN></P>
<P class=ao><SPAN class=ac></SPAN> </P>
<P class=ao><SPAN class=ae>"The recent share price performance neither reflects
the underlying value of our assets nor our belief in the medium to longer term
prospects of the Company. Positive developments such as the improved
profitability evidenced in our recent interim results, our increased dividend
payout, our enlarged operational fleet following the completion of our initial
new building programme and our strong balance sheet, seem to be disconnected
from the current share price. Therefore we believe that the limited buy-back of
our shares is in the best interests of the Company and its
shareholders."</SPAN></P>
<P class=ao><SPAN class=ae></SPAN> </P>
<P class=ap><SPAN class=ae></SPAN> </P></DIV></BODY></HTML>
<HTML><HEAD><TITLE></TITLE>
<META content="text/html; charset=unicode" http-equiv=Content-Type>
<META name=GENERATOR content="MSHTML 8.00.6001.18904"></HEAD>
<BODY>
<DIV>
<P class=f><SPAN style="FONT-WEIGHT: bold"><SPAN class=ak>Athens,
</SPAN></SPAN><SPAN style="FONT-WEIGHT: bold"><SPAN class=ak>26 September
</SPAN></SPAN><SPAN style="FONT-WEIGHT: bold"><SPAN
class=ak>2011</SPAN></SPAN></P>
<P class=an><SPAN class=ak></SPAN> </P>
<P class=an><SPAN class=af>Initiation of a Share buy-back programme</SPAN></P>
<P class=f><SPAN class=ak></SPAN> </P>
<P class=ao><SPAN class=ae>Goldenport Holdings Inc. ("Goldenport" or "the
Company"), (LSE: GPRT) the international shipping company that owns and operates
a fleet of container and dry bulk vessels announces that with effect from today
and at its sole discretion, it intends to commence a limited share buy-back
programme, as the Board of Directors ("the Board") considers that the current
share price is trading at a significant discount to the underlying value of the
Company.</SPAN></P>
<P class=ao><SPAN class=ae></SPAN> </P>
<P class=ao><SPAN class=ae>Management remains focused on delivering the
Company's growth strategy and has the financial flexibility to continue to
pursue potential vessel acquisitions that meet its investment criteria and to
drive organic growth while maintaining a sustainable dividend policy. In light
of this and the return on capital opportunity implied by the current share
price, the Board believes an initial buy-back of up to £ 1 million in value is
an appropriate use of its cash.</SPAN></P>
<P class=ao><SPAN class=ae></SPAN> </P>
<P class=ao><SPAN class=ac>The Company has a strong balance sheet with which to
make the share buy-back purchases whilst also continuing to seek further
shipping investment opportunities to enhance shareholder value. </SPAN></P>
<P class=ao><SPAN class=ae></SPAN> </P>
<P class=ao><SPAN class=ae>The buy-back programme will be conducted in
accordance with the resolution passed at the last Annual General Meeting on 17
May 2011, providing the Company a general authorisation to make purchases of up
to <SPAN class=ab>9,128,243 Shares of US$0.01 each, representing approximately
10% of the Company's issued share capital. The timing and quantum of any
purchases will be determined by Goldenport in accordance with the Listing Rules
of the UK Listing Authority and with regard to the prevailing market conditions
and any other relevant considerations. The Company is not planning to purchase
more than fifty per cent of the average daily volume traded in the twenty
trading days preceding the date of purchase. Any shares purchased will be held
in treasury.</SPAN></SPAN></P>
<P class=ao><SPAN class=ac></SPAN> </P>
<P class=ao><SPAN class=ac>Captain Paris Dragnis, Founder and Chief Executive
Officer of the Company commented: </SPAN></P>
<P class=ao><SPAN class=ac></SPAN> </P>
<P class=ao><SPAN class=ae>"The recent share price performance neither reflects
the underlying value of our assets nor our belief in the medium to longer term
prospects of the Company. Positive developments such as the improved
profitability evidenced in our recent interim results, our increased dividend
payout, our enlarged operational fleet following the completion of our initial
new building programme and our strong balance sheet, seem to be disconnected
from the current share price. Therefore we believe that the limited buy-back of
our shares is in the best interests of the Company and its
shareholders."</SPAN></P>
<P class=ao><SPAN class=ae></SPAN> </P>
<P class=ap><SPAN class=ae></SPAN> </P></DIV></BODY></HTML>