Page 70: of Maritime Reporter Magazine (November 1997)

PEOPLE & COMPANY NEWS mon stock will be outstanding.

The company will pay cash in lieu of fractional shares based on the last sale price of its common stock on the record date (as adjusted for the stock dividend).

In announcing the dividend,

John Dane III, Halter's chair- man, president and CEO, noted, "Since the company's initial public offering on Sept. 26, 1996, our common stock price has increased over 300 percent from $11 per share to over $45 per share as of

Sept. 26, 1997." He added, "The board of directors took this action to broaden the company's owner- ship base and increase the number of shares available for trading."

Outboard Marine Merger

Complete

Greenmarine Holdings LLC announced that its wholly-owned subsidiary, Greenmarine

Acquisition Corp. has merged with

Outboard Marine Corp. (OMC). As the surviving corporation in the merger, it will continue to operate under the same name. The merg- er was effected in accordance with the "short-form merger" provisions of Section 253 of the General Corp.

Law of the State of Delaware. As a result of the merger, Greenmarine

Holdings is now the sole stockhold- er of OMC. In the merger, each outstanding share of common stock of OMC not owned by

Greenmarine Acquisition Corp. or former stockholders who intend to exercise dissenter's rights under the General Corp. Law of the State of Delaware, was converted into the right to receive $18 in cash. A notice of the effectiveness of the merger has been mailed to former stockholders of OMC with instruc- tions to receive cash payment for their shares.

Blue Star Line Moves

Melbourne Star

Blue Star Line (BSL) is moving 1,308-TEU Melbourne Star to its

East and Gulf Coast Container

Service in an attempt to improve frequency and transit times between North America, Australia j and New Zealand.

BSL ordered the vessel transfer! to ensure schedule integrity in thel face of delays experienced on the

U.S. domestic rail links and through on-going maintenance authorized for this purpose. "This share repurchase program reflects our confidence in the com- pany's future performance," said

Bill Fricks, chairman and CEO. "Strength in our core Navy busi- ness, and the associated favorable trends we are experiencing in cash flow support implementing the program at this time. We look for- ward to initiating similar pro- grams as opportunities arise."

Halter Marine Group

Declares Stock Split

Halter Marine Group, Inc. announced a three-for-two com- mon stock split in the form of a stock dividend to stockholders of record as of Oct. 15, 1997.

Additional stock certificates are expected to be mailed on Oct. 31, 1997.

Following the stock split, approx- imately 27,675,000 shares of com-

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