Sea Star approves new share issue, reverse split

The EGM of SeaStar Capital Plc (SEAS) approved the authorization of the Board to proceed with the issue and allocation of 192,307,693 new shares of nominal value
EUR0.04 each of the nominal and not issued share capital, at its sole discretion, to one or more strategic and/or institutional investors at the price of EUR0.26 per share.
The EGM also approved the reverse split of the share capital of the Company in the ratio of 25:1 which will be proposed again and possibly will be carried out after March 31, 2009, when the new share issue is completed.