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Friday 29 April, 2005

AIM

Sch 1 Update - Global Oceanic

AIM
29 April 2005


          ANNOUNCEMENT TO BE MADE BY AIM APPLICANT AT LEAST 10 BUSINESS 
                         DAYS PRIOR TO ADMISSION

ALL APPLICANTS MUST COMPLETE THE FOLLOWING:

COMPANY NAME:

Global Oceanic Carriers Limited


COMPANY ADDRESS:

6 Britannia Place, Bath Street, St Helier, Jersey, Channel Islands


COMPANY POSTCODE:

JE2 4SU


COUNTRY OF INCORPORATION:

Jersey


COMPANY BUSINESS:

The Company was incorporated in Jersey on 21 December 2004 for the purpose of
establishing a fully integrated shipping company to include ship ownership and
ship management. The Company will bring together the considerable shipping
expertise and contacts of the Board, in particular Vassilis Vintiadis, the owner
of Niva Shipping Limited ('Niva Shipping'), a twenty seven year old shipping
company based in Piraeus with strategic relationships primarily focused on China
and India.

Using the net proceeds of the Placing, the Company will acquire from Galway
International Trading Inc, Paragon Marine Corporation and Tinos Maritime S.A.
(the 'Sellers') a fleet of three used vessels consisting of two Panamax bulk
carriers and one Handysize vessel with an aggregate carrying capacity of 164,000
dwt (the 'Initial Vessels') for a total cash price of US$45.5 million (including
a deposit of US$2.275 million which the Company has already paid to the
Sellers). The Panamax vessels are capable of carrying drybulk cargo products
only and the Handysize vessel carries minor bulk cargo products, timber, steel
and generals.

In addition, the Company is currently negotiating the purchase of two additional
new vessels (the 'New Vessels') for a total cash payment of approximately US$60
million. The Directors believe that the type of vessels and charters attached to
them are as follows:
     
     •    Panamax 72,000 dwt (built in 1993); Twelve month charter attached 
          starting April 2005 at US$34,500 a day;
          
     •    Handymax 46,000 dwt (built in 1994); Proposed twelve month period 
          charter at around US$23-24,000 a day.

DETAILS OF SECURITIES TO BE ADMITTED
(i.e. where known, number of shares, nominal value and issue price):

Ordinary shares of 0.0003p each

Number of shares:               To be advised
Share price:                    To be advised


CAPITAL TO BE RAISED ON ADMISSION:

To be advised


FULL NAMES AND FUNCTIONS OF PROPOSED DIRECTORS:

Konstantinos J Dimitriou               Non-executive Chairman
Vassilis Vintiadis                     Chief Executive Officer
Douglas Richard Kearney                Chief Financial Officer
Peter Charles St George                Non-executive Director
Allan William Moloney                  Non-executive Director
Carlos C Campbell                      Non-executive Director


PERSON(S) INTERESTED IN 3% OR MORE OF THE ISSUER'S CAPITAL, EXPRESSED AS A
PERCENTAGE OF THE ISSUED SHARE CAPITAL STATING WHETHER BEFORE OR AFTER
ADMISSION:

To be advised


NAMES AND ADDRESSES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE
2, PARAGRAPH (G) OF THE AIM RULES.

N/A


ANTICIPATED ACCOUNTING REFERENCE DATE:

31 December


EXPECTED ADMISSION DATE:

To be advised


NAME AND ADDRESS OF NOMINATED ADVISER:

Collins Stewart Limited, 88 Wood Street, London EC2V 7QR


NAME AND ADDRESS OF BROKER:

Collins Stewart Limited, 88 Wood Street, London EC2V 7QR


DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE
AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE
APPLICANT AND THE ADMISSION OF ITS SECURITIES.

Collins Stewart Limited, 88 Wood Street, London EC2V 7QR


DATE OF NOTIFICATION:

29 April 2005

NEW/ UPDATE (see note):

Update


                      This information is provided by RNS
            The company news service from the London Stock Exchange            BOBKDBQB                                                                                                                                                                                                                                                       

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