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Non-Tech : Shipping - Oil & Gas Tankers, Dry cargo, LNG
GLNG 38.10+2.8%Dec 19 3:59 PM EST
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Rarebird
To: Paul Senior who wrote (2398)12/27/2023 10:34:44 AM
From: stuffbug1 Recommendation   of 2670
 
Because IMPP has been a real sh1tco for the past 2 years - a history of dilution and related party dealings.
Massive dilution to fund new ships - shares outstanding zoomed from under 5 million to almost 30 million.
Through an affiliated company, the CEO recently converted preferred stock into company shares. Harry Vafias now beneficially owns over 1/3 of IMPP.

Going forward, the CEO's interests should be much better aligned with those of the shareholders. Big run-up over the past 5 weeks (information leakage?), stock price may need to catch its breath before further advances.
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