GK Investor’s Genco Campaign Results in Material Improvement

May 16, 2024 | blog

Notes Company’s Significant Share Price Increase Following Public Pressure

NEW YORK–(BUSINESS WIRE)–GK Investor LLC (GK), a shareholder of Genco Shipping (NYSE:) & Trading Limited (Genco or the Company) (NYSE: GNK), in the present day introduced the next:

On December 28, 2023, the final buying and selling day earlier than GK publicly introduced its place in Genco, the closing value of Genco’s widespread inventory was $16.48. Yesterday, the closing value of Genco’s widespread inventory was $22.53. GK believes that its advocacy on behalf of all widespread shareholders has been an necessary wake-up name to Genco’s complacent Board of Directors (the Board) and has contributed to the improved efficiency of Genco’s widespread inventory “ thereby offering a beautiful return to shareholders, together with GK. GK additionally believes that its efforts had been a principal driver behind Genco’s determination to give attention to capital allocation, scale back its low cost to NAV and add a brand new voice within the boardroom. Consequently, GK is withdrawing its nomination of Mr. Robert Pons as a candidate for election to Genco’s Board in addition to its bylaw repeal proposal. GK intends to proceed to intently monitor Genco and the actions of its present Chairman and Board, and expects to proceed to carry them accountable.

GK thanks Mr. Robert Pons for his tireless efforts as its nominee and willingness to signify the very best pursuits of all shareholders, regardless of being topic to baseless private assaults from Genco’s Board.

Cautionary Statement Regarding Forward-Looking Statements

This communication doesn’t represent a suggestion to promote or solicitation of a suggestion to purchase any of the securities described herein in any state to any particular person. The info herein accommodates forward-looking statements. Specific forward-looking statements might be recognized by the truth that they don’t relate strictly to historic or present information and embrace, with out limitation, phrases resembling could, will, expects, intendsbelieves, anticipates, plans, estimates, initiatives, potential, targets, forecasts, seeks, might, ought to or the unfavourable of such phrases or different variations on such phrases or comparable terminology. Similarly, statements that describe our goals, plans or targets are forward-looking. Forward-looking statements are topic to varied dangers and uncertainties and assumptions. There might be no assurance that any thought or assumption herein is, or will likely be confirmed, right or that any of the goals, plans or targets acknowledged herein will in the end be undertaken or achieved. If a number of of such dangers or uncertainties materialize, or if GK’s underlying assumptions show to be incorrect, the precise outcomes could differ materially from outcomes indicated by these statements. Accordingly, forward-looking statements shouldn’t be thought to be a illustration by GK that the longer term plans, estimates or expectations contemplated will ever be achieved.

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Joe Germani
Longacre Square Partners

Source: GK Investor LLC

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