I thought maybe they would dilute, but I dont even think they would be able to at this point. They would need to either issue at a hugeeeeee discount to current share price, sub even dollar, or noone would even entertain it. Volume is absolutely pathetic right now, it is not trading in a way that implies there is any interest in a multi million share offering. We have a huge catalyst coming within a week, regarding the extension from RBS. While another extension is possible, considering how the economic mood in Europe has completely deteriorated, how the stock is fairing post reverse split, and their cash situation, I would not be surprised to see RBS pull the plug.
you're right. volume is absurd but relative to their "low-quality dry bulk shipping" peer group of GNK and EXM, EGLE has been surprisingly resilient. only down ~3% versus ~7%. plus YTD EGLE hasn't really suffered much with is even more surprising considering I believe they are significantly closer to default/bankruptcy/wiping out common shareholders than either GNK and EXM (although these two are on their way as well)
Shiftingsands: fairpoint in exm and gnk. We are in agreement they are both garbage, but they have aome time left on their clock compared to EGLE. the correlation and lag between shipping stocks is sometimes hard to put to words.
For Radnoc or anyone else: If you think they can still pull of an offering. Please state the size and price of it, and who you suppose would buy.
Keep in mind current market cap is 55 million and 15 million shares outatanding. I am curious about everyones opinion, I would like to keep this intellectual.