Quadrupling the shares outstanding destroys my reason for owning.
I'm disappointed in the CEO. I thought he was someone I could respect. But he's obviously a dirtbag, just like so many other of these other shipping companies that love to dillute.
I prefered owning something that was selling at 1/4 of book. The discount is discount to go something quite nominal, when they quadruple the shares out. There is no reason for this nonsense, except self-aggrandizement on the part of the CEO. I'd rather they buy NOTHING, and preserve the discount to book value. The company will be worth a lot more, to current shareholders, 2 years from now, if they had done it that way.
This is poor financial management for the current shareholders. But I seem to expect this from most or all of the Greek shippers. Basically, it seems you can't trust any of them. They simply don't care about shareholder value.
I've sold most of my position already, and will sell out the rest shortly.