Greedy management of Eagle Bulk Shipping wants 10% of the company? For what? Digging us out of the mess that they got us into? I voted no on both proposals, because as shareholders, we don't have a line-item veto. Management has already been compensated quite well in the past few years, and its time to bring their incentives down to earth.
From the proxy filing:
Subject to shareholder approval of the 2011 Plan and the successful completion of the transaction described below, the Company’s board of directors intends to grant to certain members of the Company’s senior management stock options to purchase an aggregate number of shares of Common Stock equal to approximately 10% of the Company’s issued and outstanding Common Stock on a fully diluted basis on the date the options become exercisable. It is anticipated that the options will be contingent on management’s successful negotiation of the refinancing or restructuring of the Company’s outstanding credit facility (collectively the “Transaction”). If granted, the options are expected to have an above market exercise price and to remain exercisable in accordance with their terms following the termination of a recipient’s employment with the Company. Except as described in the preceding sentences, the Company has not made any determination as to future grants under the 2011 Plan.
I just got my voting materials. The postmark is November 22 at 18:44 and I received it in the mail on Nov 25. It appears my voting form was mailed a week after the Nov 17 meeting was held...that's one way to "fix" the vote.
Just a reminder to remember to vote. The meeting is Thu Nov 17th at 10am.
I'm sure that many of you have received a "helpful" phone call encouraging you to vote, and perhaps recommending how you should vote as well.
The fact that EGLE decided to call everyone on the phone means they're probably having trouble getting the votes they need to give management another 'bonus' check.
Have to agree. The only incentive for them to expense the canvas is their own bonus.
One word of caution on proposal #1. Rejection of the R/S will eliminate many insti's that may have wanted to take a position. It will be up to a mostly retail investor group to drive the pps which typically is too weak to be meaningful.
I voted this morning and I voted NO on both proposals. There is no need to reverse split the stock. Remember that this stock once sold for $20 a share and we got a big dividend. Now we get $-0- and mgt and the current Board are still getting well paid.
There is too much leverage and mgt should concentrate on reducing leverage.
A reverse split will lower the value of our holdings.
PLEASE vote NO.
If there is any litigation against the reverse, i wld like to be made aware of it.