SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Value Investing
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Spekulatius who wrote (37306)4/9/2010 1:45:20 AM
From: Spekulatius  Read Replies (1) of 78722
 
re FREE - they only disclosed the problems with their covenants in the fine print Y2008 20-F form - the earning released earlier was talking about a solid balance sheet. I don't think FREE's disclosure policy is all that great.
I know this because I found it misleading then. it looks like they were able to reduce the leverage somewhat (crisis has ebbed) and they issued 10M (approx. 50% dilution) shares at 1.13$. I know this because I found it remarkable that they had to do this despite a seemingly decent looking balance sheet even before the capital raise. I believe the reason why the bankers are so anxious is because the value of FREE's ships (which were purchased in boom years, except one ship that was purchased in 2009) and are still on the balance sheet at inflated values.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News