The Company was informed on 15 November 2005 that Angeliki Frangou, a director of the Company, and/or her affiliates yesterday acquired 9,139,672 warrants to buy common shares in the Company representing 9.97 per cent of the issued warrants. All warrants were acquired at a price of up to $0.50 per warrant. Following this purchase, Angeliki Frangou has an interest, directly and/or indirectly in 18.42 per cent of the issued warrants of the Company.