Dilution Watching & Huge A/S Warning

[sludgehound]

ORIG Ocean Rig A/S to 1Tril & R/S voted
6:14pm ET
Title: OCEAN RIG UDW INC. ANNOUNCES THE RESULTS OF ITS 2017 ANNUAL GENERAL MEETING OF SHAREHOLDERS
Link to press release: http://cdn.capitallink.com/files/docs/companies/ocean_rig/press/oceanrig042417.pdf

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The following proposals were approved and adopted at the Meeting:
1. the election of Mr. George Economou and Mr. Michael Pearson to serve as Class A Directors until the 2020 Annual General Meeting of the Shareholders of the Company;
2. the approval of the appointment of Ernst & Young (Hellas) Certified Auditors Accountants S.A., as the Company’s independent auditors for the fiscal year ending December 31, 2017;
3. the increase in the Company’s authorized share capital of one billion (1,000,000,000) common shares of a par value of US$0.01 each and five hundred million (500,000,000) preferred shares of a par value of US$0.01 each to one trillion (1,000,000,000,000) common shares of a par value of US $0.01 each and five hundred million (500,000,000) preferred shares of a par value of US$0.01 each; and
4. the approval to allow the board of directors (the “Board”) to effect one or more reverse stock splits of the Company's issued common shares at a ratio of not less than one-for-two and not more than one-for-100,000, with the exact ratio to be set at a whole number within this range to be determined by the Board, or any duly constituted committee thereof, at any time after approval by the shareholders, and to authorize the Board to implement any such reverse stock split at its discretion.