The completion of the transactions set forth in the SPA was conditioned upon, among other things, approval of various agencies within the Bahamian government. If all conditions were not satisfied and closing had not occurred by October 1, 2009, the SPA terminated by its terms unless such deadline was otherwise extended.
As of October 1, 2009, the Bahamian government has not granted the requested approvals and the closing did not occur by the deadline. The Company and StatoilHydro are in discussions regarding a potential extension of the closing date. There can be no assurance that World Point and StatoilHydro will reach an agreement with respect to such extension or that the Bahamian government will provide the necessary approvals.
Contract Terminates Between World Point Terminals, StatoilHydro
10.05.2009 - NEWS
In July 2009, World Point Terminals Inc. signed a stock purchase and sale agreement (SPA) with StatoilHydro ASA for the sale of the Company's Bahamian operations. Those operations included the South Riding Point storage terminal and the fifty percent interest in the Freepoint tug boat business, both located on Grand Bahama Island.
