Looks like they are preparing to issue more shares:
"Under Bermuda law, shares cannot be issued at below par value. In order to provide the Company with the ability to issue additional shares, the Board of Directors proposes that the shareholders approve the reorganisation of the Company’s authorised share capital"
"The final part of the Reorganisation is to increase the authorised share capital of the Company, reduced to
US$125,000,000 by the Capital Reduction, by the creation of 187,500,000 ordinary shares of par value US$1.00 each, so that the authorised share capital of the Company is restored and going forward shall continue to be US$312,500,000."
Now the questions is.. is the possible dilution baked-in yet?