HAMILTON, Bermuda, Oct. 8, 2007 (PRIME NEWSWIRE) -- Knightsbridge Tankers Limited (Nasdaq:VLCCF) (the "Company") advises that the 2007 Annual General Meeting of the Company was held September 28, 2007 at 11.30 a.m. at Hamilton, Bermuda. The following resolutions were approved by the shareholders:
1) To elect the following as Directors of the Company;
- Ola Lorentzon
- Douglas C. Wolcott
- David M. White
- Bjorn Sjaastad
2) To re-appoint Moore Stephens P.C. as auditors and to authorise the Directors to fix their remuneration.
The resolution to amend the Company's bylaws was not passed by shareholders due to insufficient votes. This resolution required the affirmative vote of not less than 66 2/3% of the holders of Company's issued and outstanding Common Shares. The quorum obtained for this proposal was 26.33% of which 74.23% voted in favour of the resolution. The purpose of the amendments to the bylaws was to update them to reflect current Bermuda law. Included in the changes was the ability to provide material to shareholders electronically as now permitted by Bermuda law and the principal stock exchanges in the United States. The Company currently spends approximately $110,000 per annum on distributing shareholder materials and to save shareholders this cost in the future expects to resubmit this proposal to change the bylaws at a future general meeting.
At a Board Meeting following the Annual General Meeting the Board has appointed Mr. Bjorn Sjaastad as the Chief Executive Officer of the Company. Mr. Sjaastad replaces Mr. Troim who did not stand for re-election as a director and who resigned concurrently as Chief Executive Officer of the Company.
Knightsbridge's Common Shares trade on the Nasdaq National Market under the symbol "VLCCF."
October 8, 2007 Hamilton, Bermuda Georgina Sousa Company Secretary