Genco Shipping & Trading Limited (NYSE:GNK) is reminding its shareholders to submit their votes by 11:59 PM ET today. The company emphasizes the importance of voting on the WHITE proxy card to support its board's director nominees.
Voting Recommendations and Shareholder Value
The deadline to get your vote counted is tonight, so this is your last chance to take action and vote before it is too late.
Genco Shipping & Trading Limited
- Vote 'FOR' Genco's highly qualified directors
- Vote 'WITHHOLD' on Diana Shipping Inc.'s nominees
- Vote 'FOR' the Board's recommendations on other proposals
Genco argues that its current Board of Directors is dedicated to delivering shareholder value, having executed a Comprehensive Value Strategy that resulted in $7.16 per share in dividends and a remarkable 210% return since 2021.
The company stands out in corporate governance, being the only U.S.-listed drybulk shipper with no related-party transactions and consistently rated in the industry's top quartile, outperforming Diana Shipping, which ranks in the third quartile.
Genco is facing pressure from Diana Shipping, which has made a $24.80 tender offer that Genco claims undervalues its assets. The company argues that accepting Diana's proposal would jeopardize shareholder interests.
Genco's leadership has raised concerns about Diana's nominees, stating they have ties to Diana's agenda and may not serve Genco's best interests.
The company emphasizes that the recommendations from proxy advisory firms ISS, Glass Lewis, and Egan-Jones support Genco's Board and urge shareholders to reject Diana's nominees.
As the deadline approaches, Genco urges shareholders to act swiftly to safeguard their investments and ensure a profitable future for the company.