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Baltic Exchange shareholders approve Singapore Exchange takeover

Baltic Exchange shareholders approve Singapore Exchange takeover
The shareholders of the Baltic Exchange have voted overwhelmingly in favour of the historic takeover offer by the Singapore Exchange (SGX) for $104m.

In a court meeting of shareholders over the proposed takeover 85.99% of Baltic shareholders voted in favour, versus just 1.19% against the takeover, with votes withheld not counted as for or against.

“We are very pleased at the outcome of the vote and thank Baltic’s shareholders for their strong support. We now look forward to completing the transaction and realising the growth opportunities as we bring together two important maritime centres,” said Loh Boon Chye ceo of SGX.

Meanwhile Mark Jackson currently coo of AM Nomikos Group and a former chairman and director of The Baltic Exchange, will become ceo of the Baltic replacing the outgoing chief Jeremy Penn.

“As a career shipbroker and former director and chairman of the Baltic, he has an excellent understanding of its unique role, its potential and the interplay between its stakeholders,” said Lambros Varnavides, chairman of the Baltic.

“We are delighted that a shipping professional of Mark Jackson’s stature has agreed to join The Baltic Exchange as CEO. It is especially pleasing to note that as a past chairman of the Baltic, Mark has already demonstrated a huge personal commitment to the business and ethos of the Exchange,” SGX’s Loh said.

SGX has made a number of commitments in its bid including maintaining Baltic’s London headquarters at St Mary Axe, to preserve the Baltic’s current ethos as a membership organisation with member representation whose market activities are governed by the Baltic Code, and maintain membership subscriptions and data fee levels for members for five years.