Baltic Exchange shareholders approve acquisition by SGX

In addition, the Baltic Exchange has named Mark Jackson its new chief executive officer, who is replacing the current CEO Jeremy Penn.    The Baltic Exchange reported Monday its shareholders approved of an acquisition by the Singapore Exchange.
   Based out of St Mary Axe, London, the Baltic Exchange develops and publishes information about freight rates in the dry bulk and tanker shipping markets and is best known for its Baltic Dry Index.
   The 87 million British pound (U.S. $112.8 million, based on today’s exchange rate) deal is now pending approval by the United Kingdom’s Financial Conduct Authority. Baltic shareholders would receive 160.41 pounds per share in cash, plus 19.3 pounds per share in a special cash dividend.
   In addition, the Baltic Exchange announced today that Mark Jackson will become its next chief executive officer, replacing Jeremy Penn, who last year announced his intention to stand down this summer. Jackson is expected to take up his appointment early in 2017 and is currently the chief commercial officer of AM Nomikos Group and a former chairman and director of the Baltic Exchange.
   “It’s a great pleasure to be taking on this important role at such an exciting time in the history of the Baltic,” Jackson said. “I am excited by the plans SGX has for the Baltic, and look forward to using my knowledge and experience to ensure it continues to develop and serve the international shipping community.”