Yes, but seems she's admitting she can't handle it all and needed to bring on stronger management. CEO only means she's somewhat stepping aside. Giving the reins to managers. Never felt it was good business practice to brag on how much debt you could incur.
Takes the credit card out of the woman's hand and turns it over to a man, that understands you have to bring in some money in order to spend it.
according to trub, there are restrictions on NM, but this is a start. In todays market deploying cash into new ships has done nothing for any Navios company except increase debt and bring on money losing ships. sometimes growth needs to be digested before going at it again. Almost 17 million shares if they go today. Problem with greeks is they are afraid to put the trigger on spending cash for shareholder enhancement. Doing it all quickly makes a statement, 2 years...is well....lets say not as effective nor does it carry theimpact. Done right they can raise the price high enough to resell them later into the market for another capital raise at higher prices then buy something. My suggestion would be to man up or in our case woman up, grab your pair and buy back the stock now. And if NM is unable by whatever covenant, they should either sell a ship or two and buy back bonds....do something to show the market they can do more than just create debt and dilution....again just my opinion
didn't send in my proxies....recieved 10 calls at least...passed on the whole thing, gf was too arrogant to pull the trigger at higher prices, so the heavy dilution at lower prices. Should have sold orig at 18 or so...been debt free...but that makes sense. Greeks love debt....its like mothers milk to them,.
ok i give....i know angie needs to have like 25% ownership in NM...but don't recall any covenants or restrictions on the children or their disposal. Or share pledges from the children. Other than the 20 million charter insurance for NMM from NM. if all the children are entwined with the parent and are essentially running off the "guarantees" of the parent and vice versa, then might as well change the name to DryShips.
sure you can....sell nna shares...200 million....sell nmm shares....200 million...both liquid and public owned sellable on open market.....thats 400 million dollars. i know we may look at things differently, but those are facts. The overlap of child companies is reducing the public value of ALL entities. Not really shareholder friendly. NM is just playing balance sheet games, to get credit. Hence....NAP another "genius" idea.
Problem is they are not growing, every action they take reduces shareholder value. The drybulk demand is not outpacing supply, they need to chill. Keep some dry powder, and think October 2008 and march 2009....its gonna be a long winder here. 10% down on a single day on a 5 buck stock? Its coming.
even at depressed prices, NM's ownership of NNA and NMM are approx 400 million in market value. Take out those shares, what do you have?
reduce expansion until market settles, buy back 10 to 20 million shares (yes better than buying another money losing boat) , stop issuing "preferred" shares, spin off port, pay down debt, stop increasing debt and bragging about it, reduce debt, reduce debt. They have the cash, they deploy it extremely poorly. To the point of arrogance. And the preferreds are just a shell game of dilution. Oh and don't charter in for more than you can rent the ships out at. Just a few ideas....hey maybe even an actual investor relations department that communicates to the market. It ain't me doing this....look at the values of cash, NNA and NMM on the market...deduct those from the Market cap and what do you have left as a market value for NM.....yes it is significantly below zero.
Only thing Angie Cares about!!. Buy Now...you get a 5% dividend!!! Of course if you bought friday you're only down about 8%....but who cares!!!! Everyone OK just chilling getting their dividend check while the principal erodes. Grrreattt Management.!!! Market Cap 456 million...company valued as worthless..management don't care. Wait i know...get some more debt and buy some more ships...yeah thats it, buy more ships that you rent below cost. That should do the trick. Angie loves to brag about how good she is loading up the credit card.
Thanks yankel222, we'll see how they go, i do believe they are significantly undervalued, but i can't buy them all. I think my frustration comes in from the lack of ability to communicate the intrinsic value of the company. And one little sticking point. if you look on the financials the holdings of NMM are valued at around half of the current valuation. While operationally they may be "vaunted" they are in my opinion just not cutting the mustard translating that into market cap. To seriously only have a 550 million market cap, would embaress me as the CEO of the company with all the assets at hand. But just my opinion. Best of luck to us all Monday.
Thanks for the pragmatic response, and I agree. As a significant long time holder of NNA and NM , just gets a bit frustrating to see so much effort produce so little. ( I actually remember a boss telling me once don't confuse effort with results) Hoping the NAP opens a door or 2 with some finacial leverage. Nice to see someone can understand a bit of shareholder discourse without a short accusation. The trick to the long term is imo the ability of the seasonal rates not to have such dramatic swings. But we'll see. My opinion would be to buy back some of those shares they diluted with vrs the dividend increase, the 3 fold share increase has kept a lid on any price appreciation. Best to you
one more and i'll go back to slumber....you all are "seriously" ok with your investment being valued by the market conservatively over 250 million under the "liquidation" value of the company? I'm not particularly pleased with that valuation, and neither should a "high quality" management team. Maybe thats why they brought the guy from Cargill in??? Maybe they need a real manager to run the company? Ok bash away now...for those that never question the companies they invest in....the rose colored glasses floor is now yours!!