GK Investor’s Genco Campaign Results in Material Improvement
16 Maio 2024 - 3:48PM
Business Wire
Notes Company’s Significant Share Price
Increase Following Public Pressure
GK Investor LLC (“GK”), a
shareholder of Genco Shipping & Trading Limited (“Genco” or the “Company”) (NYSE: GNK), today announced the
following:
On December 28, 2023, the last trading day before GK publicly
announced its position in Genco, the closing price of Genco’s
common stock was $16.48. Yesterday, the closing price of Genco’s
common stock was $22.53. GK believes that its advocacy on behalf of
all common shareholders has been an important wake-up call to
Genco’s complacent Board of Directors (the “Board”) and has
contributed to the improved performance of Genco’s common stock –
thereby providing an attractive return to shareholders, including
GK. GK also believes that its efforts were a principal driver
behind Genco’s decision to focus on capital allocation, reduce its
discount to NAV and add a new voice in the boardroom. Consequently,
GK is withdrawing its nomination of Mr. Robert Pons as a candidate
for election to Genco’s Board as well as its bylaw repeal proposal.
GK intends to continue to closely monitor Genco and the actions of
its current Chairman and Board, and expects to continue to hold
them accountable.
GK thanks Mr. Robert Pons for his tireless efforts as its
nominee and willingness to represent the best interests of all
shareholders, despite being subject to baseless personal attacks
from Genco’s Board.
Cautionary Statement Regarding
Forward-Looking Statements
This communication does not constitute an offer to sell or
solicitation of an offer to buy any of the securities described
herein in any state to any person. The information herein contains
“forward-looking statements.” Specific forward-looking statements
can be identified by the fact that they do not relate strictly to
historical or current facts and include, without limitation, words
such as “may,” “will,” “expects,” “intends”“believes,”
“anticipates,” “plans,” “estimates,” “projects,” “potential,”
“targets,” “forecasts,” “seeks,” “could,” “should” or the negative
of such terms or other variations on such terms or comparable
terminology. Similarly, statements that describe our objectives,
plans or goals are forward-looking. Forward-looking statements are
subject to various risks and uncertainties and assumptions. There
can be no assurance that any idea or assumption herein is, or will
be proven, correct or that any of the objectives, plans or goals
stated herein will ultimately be undertaken or achieved. If one or
more of such risks or uncertainties materialize, or if GK’s
underlying assumptions prove to be incorrect, the actual results
may vary materially from outcomes indicated by these statements.
Accordingly, forward-looking statements should not be regarded as a
representation by GK that the future plans, estimates or
expectations contemplated will ever be achieved.
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Media Joe Germani Longacre Square Partners
jgermani@longacresquare.com
Genco Shipping and Trading (NYSE:GNK)
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