TOP Ships Inc. (TOPS), owner and operator of modern “ECO” tankers, announced that it has signed a forward contract for the potential acquisition of certain residential properties in Dubai from a company affiliated with Evangelos Pistiolis, Chairman and CEO of the Company.
According to the letter of intent, TOP Ships has secured an exclusive right and option to acquire part or all of a real estate portfolio with an estimated value of over 200 million dollars.
The acquisition price upon exercise of the option will be 10% lower than the fair value resulting from two independent valuations.
By December 31, 2025, TOP Ships will pay an advance payment of 23.5 million dollars, which will be offset or refunded if the acquisition does not materialize. The special committee of independent members of the Board of Directors will evaluate the transaction within 90 days.
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