Nasdaq-listed Greek eco tanker owner Top Ships has moved to spin off one of its suezmax vessels into an independent publicly-traded company.<\/p>\n
The company\u2019s subsidiary Rubico has been earmarked for the move and to own the 2021-built 157,000 dwt scrubber-fitted The proposed separation of the companies is expected to yield a new investment opportunity focused on the suezmax sector while allowing each company to follow its distinct business goals and operational priorities, Top Ships said, adding that the creation of an opportunity for investors to make an independent investment decision between the two companies may unlock increased long-term value for the shareholders of both companies.<\/p>\n \u201cThe board of directors of Top Ships believes that the common shares of Rubico as a standalone company should not trade at the same discount to net asset value that is currently seen in the market price of the shares of TOP Ships,\u201d the company noted.<\/p>\n The spin-off should be completed in September. Rubico\u2019s common shares are expected to trade initially on the OTCQX, the top tier of the three marketplaces for over-the-counter trading, with plans to eventually uplist to a major stock exchange.<\/p>\n
\n\t\t\tEco Malibu<\/span>. As part of the spin-off transaction, Top Ships is to distribute 100% of the common shares of Rubico to its security holders and expects there to be no overlapping board members or management between the two companies.<\/p>\n