Seanergy leadership prevails in boardroom battle

Shareholders of Greek capesize bulker specialist Seanergy Maritime have decisively re-elected the company’s director nominees and rejected proposals from George Economou in a bid to shake up leadership.

Economou, who, via his affiliated investment vehicle, owns about 9% of Nasdaq-listed Seanergy, launched a proxy fight in June, naming John Liveris and Georgios Kokkodis as his board picks against Dimitrios Anagnostopoulos and Ioannis Kartsonas, just a few months after suing the company, its chief executive and chairman Stamatis Tsantanis and other directors for allegedly seizing control of the company by creating “super-voting” shares.

Seanergy said Anagnostopoulos and Kartsonas received strong support from the company’s unaffiliated common shareholders with over 71% votes in favour.

Economou also pushed to oust Tsantanis along with the two remaining directors Christina Anagnostara and Elias Culucundis, a move which has been overwhelmingly rejected by nearly 90% of votes.

Last month, Economou failed to delay the vote in the Marshall Islands High Court on the grounds that the shareholder meeting was set before the High Court was scheduled to hold a hearing in Economou’s lawsuit against Seanergy.

The Athens-based operator of 19 ships said the latest outcome reflected confidence in its board and the company’s strategic direction and commitment to value creation.

“It is clear that our shareholders recognise that our board and governance are driving meaningful, sustained growth. Today’s vote also underscores that Seanergy shareholders have firmly rejected George Economou’s self-serving attempt to seize control, standing decisively against his proposals,” Seanergy said in a statement.