Delisting Determination,The Nasdaq Stock Market, LLC,
February 23, 2012, TBS International Plc. The Nasdaq
Stock Market, Inc. (the Exchange) has determined to remove
from listing the ordinary shares of TBS International, Plc
(the Company), effective at the opening of the
trading session on March 5, 2012. Based on review of information
provided by the Company, Nasdaq Staff determined that the
Company no longer qualified for listing on the Exchange
pursuant to Listing Rules 5101, 5110(b), and IM-5101-1.
The Company was notified of the Staffs determination on
February 7, 2012. The Company did not appeal the Staff
determination to the Hearings Panel, and the Staff
determination to delist the Company became final on
February 16, 2012.