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ANANGEL-AMERICAN SHIPHOLDINGS SCHEDULE MEETINGS

 ANANGEL-AMERICAN SHIPHOLDINGS SCHEDULE MEETINGS
 GRAND CAYMAN, Cayman Islands, Dec. 12 /PRNewswire/ -- Following the


press release made on Oct. 7, 1991, the board of directors of Anangel- American Shipholdings Limited (NASDAQ: ASIPY) today announced that they have resolved to call the appropriate extraordinary general meetings on Friday, Feb. 28, 1992 of the company's ordinary shareholders of record on Dec. 31, 1991, for the purpose of asking the "A" shareholders (excluding shares owned by the Angelicoussis Group) to resolve to amend article 41 of the company's articles of association to avoid the necessity for a mandatory "dissolution vote" to be put to "A" ordinary shareholders in the autumn of 1992. In the event the "A" shareholders approve the amendments to article 41, the "A" and "B" ordinary shareholders will also be asked:
 i) to resolve to allow the directors full authority to exercise the borrowing powers of the company;
 ii) to approve a wider investment policy than that laid down in the company's original prospectus; and
 iii) to authorize the conversion of "B" shares into "A" shares in such amount as would not exceed the original ratio of 51 percent "B" shares to 49 percent "A" shares.
 The company also stated that, subject to approval of the above by the shareholders, the directors would declare a contingent cash dividend up to a maximum amount of US$3.00 payable to all "A" shareholders of record on June 30, 1994, the amount of such cash dividend being calculated on the difference between $19.00 and the average closing price of the "A" share on NASDAQ for the three months April 1 to June 30, 1994. Shareholders will, of course, continue to receive the regular annual minimum dividend of US$1.00 per share announced by the board in its 1991 annual report.
 -0- 12/12/91
 /CONTACT: M. Costeletos of Anangel-American, (in London) 011-44-828-3388, or (in Piraeus, Greece) 011-30-411-2511/
 (ASIPY) CO: Anangel-American Shipholdings Limited ST: IN: MAR SU:


JT -- NY063 -- 2205 12/12/91 19:33 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Dec 12, 1991
Words:334
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