In the past, we couldn't delete our post on Yahoo, so many short sellers were subject to libel law suits.
From Wiki, Defamation—also calumny, vilification, and traducement—is the communication of a false statement that harms the reputation of an individual person, business, product, group, government, religion, or nation.
They will probably announce it on March 15, 2016. The last announcement was on Jan 15, 2016. They haven't missed a payment yet, and if they do its cumulative. The preferred dividend announcement will be one of the catalyst for this to pop. Another catalyst would a strong earnings report from NNA and an increase in NNA's dividend payout.
They made it clear on the last conference call that they did not want their dividend to fluctuate, and they were going to increase the dividend in quarter four.
SSW did the same thing in 2009, but kept their divi at 6% in 2009. They have increased the payout since the 2009 crash.
DAC container shipper was paying a high dividend in 2009 and then cut the dividend to internally fund their ship expansion program. They haven't paid a dividend since. But they survived the down turn and funded their expansion as planned. I wonder when they will start paying dividend again?
The US dollar has broken a technical level, and is now considered to be in a down trend. Commodities caught a bid on the weakened dollar. Commodities may have found a bottom and the tide may turn. This will lift all the boats including NM shares.
They have an option to buy them back, but they are not required.
In addition, at any time after the occurrence of a “fundamental change,” the Corporation shall have the right to redeem the Series H Preferred Stock, at its option, in whole or from time to time in part, from any source of funds legally available for such purpose. A “fundamental change” means an event that shall be deemed to have occurred at the time after the date hereof when the Corporation’s common stock ceases to be listed or admitted for trading on the New York Stock Exchange, the NASDAQ Capital Market, the NASDAQ Global Market or the NASDAQ Global Select Market (or any of their respective successors).
If you want to know more about the preferred H shares go to their web site and look under sec filings. The offering price was set at $25 and they have an option to pay off any accumulated dividends and buy back the preferred H shares at $25 after 2019.
The preferred shares is way under valued, even though the dividend was cut for NMM, their 63.80% Ownership in Navios South American Logistics Inc has 9 moinths afjusted net income of 20,880 * 63.80%=13,321 million. In other words they can still pay the dividends on the preferred shares.
Way under valued, baby got thrown out with the bath water. I'm also looking at some preferred stock in the mlp oil space. Everyone is expecting oil to rebound by end of year. I think oil will bounce on the retest of the 52 week low. The last time oil was down there the payout was 85%.
I'm going to add near 5, I think they declared 1.12 annual dividend with the intent of paying return of capital to keep the payout for 2016.
Russia will lie and say they will cut production. Then they will come out and say, we just wanted to give the short sellers a wedgie.
They have a .53 cent cushion on the dividend, they can continue to pay the dividend and that is their intention.
I'm buying, my reasoning is simple, even if they write off the asset value of their energy holdings, it will only affect their NAV by 6%. They will still be able to pay the current dividend.
The short oil exchange traded funds are at the break out point or retracement entry. It is also very near to the bottom trend line. However, the previous run up was based on a cup and handle pattern. The pattern currently in play is an upward wedge pattern. My guess is that it will play out and hit the top trend line and then head back down to form a head and shoulder pattern. If it breaks the neck line that will signal the bottom of oil.