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Aegean reaches settlement with RBM to dismiss litigation, appoints three board members

Tyler Baron, Raymond Bartoszek and Donald Moore join board; Melissanidis's consulting contract is terminated.

Image credit: Pixabay CC0

Updated on 02 May 2018 14:44 GMT

Aegean Marine Petroleum Network Inc. announced on Wednesday that it has appointed Tyler Baron of RBM Holdings LLC, Raymond Bartoszek, and Donald Moore to its board of directors, effective immediately.

The newly named independent directors are to serve alongside Yiannis N. Papanicolaou, Spyridon Fokas, George J. Konomos and Konstantinos Koutsomitopoulos on Aegean's board of directors, bringing the number of independent directors to six.

In connection with the appointments, Aegean says it has entered into a settlement agreement with RBM and its members, Tyler Baron, Justin Moore and August Roth, pursuant to which RBM has agreed to voluntarily dismiss the lawsuit that it initiated against Aegean in the Southern District of New York.

Also, RBM is said to have agreed to release Aegean from any and all claims relating to the case in which it had argued that the previously announced agreement to acquire marine waste specialist HEC was "structured for the benefit of insiders at the expense of the plaintiff and other minority shareholders".

Furthermore, Aegean confirmed today that the consulting agreement founder Dimitris Melissanidis had with Aegean has been terminated by the mutual consent of both parties.

Konstantinos Koutsomitopoulos, Aegean's chairman of the Nominating and Governance Committee, remarked: "We are pleased to welcome the new directors joining the Company's Board and the resolution of the litigation. We and RBM believe that Aegean's unique assets and strategic network are a strong foundation for future success."

Tyler Baron and Justin Moore, speaking on behalf of RBM and shareholder group The Committee for Aegean Accountability, said: "We are pleased to be part of a significant evolution of the board. The new board members look forward to working with their colleagues and management on delivering a strategic operating plan that focuses on value creation and brings Aegean into its next phase of growth and profitability."

The Committee for Aegean Accountability owns approximately 14.7 percent of Aegean's outstanding shares and is comprised of the aforementioned RBM members, the newly appointed directors, as well as Towle & Co. and Shah Capital Management, amongst others.

Related Links:

Aegean: More time needed to file annual report
Aegean confirms expiration of HEC share purchase agreement
Aegean and RBM to try and resolve their differences in HEC case
Court extends restraining order on Aegean's HEC takeover to April 9
Aegean shareholder group 'gravely concerned' by board's 'silence'
HEC overview and reasons for Aegean acquisition
Aegean buys Melissanidis-owned firms; founder's group to become biggest shareholder
Aegean Marine Petroleum S.A.
United States

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