Genco Shipping & Trading Limited Highlights ISS Recommendation to Vote “FOR” Each of Genco’s Director Nominees
08 Mayo 2024 - 3:21PM
Genco Shipping & Trading Limited (NYSE: GNK) (“Genco” or the
“Company”), the largest U.S. headquartered drybulk shipowner
focused on the global transportation of commodities, today
announced that leading independent proxy advisory firm
Institutional Shareholder Services (“ISS”) has recommended that
Genco shareholders vote “FOR” each of Genco’s seven director
nominees. ISS also recommended that Genco shareholders vote
“WITHHOLD” on George Economou’s nominee, Robert Pons and “AGAINST”
his shareholder proposal at the Company’s Annual Meeting of
Shareholders (the “Annual Meeting”) on May 23, 2024.
Commenting on the report, Genco issued the following
statement:
We encourage our shareholders to follow the recommendations by
leading independent proxy advisory firm ISS and vote “FOR” the
re-election of each of Genco’s seven director nominees, “WITHHOLD”
on George Economou’s nominee and “AGAINST” his shareholder
proposal.
The Genco Board is taking concrete steps to deliver on our
Comprehensive Value Strategy to generate shareholder returns
through drybulk market cycles and is committed to acting in the
best interest of the Company and its shareholders.
In its report, ISS highlighted the Company’s progress to deliver
value for all Genco shareholders and shared that:1
- “The dissident has since provided limited disclosure regarding
his effort to unseat the company's chairman. As the dissident has
failed to articulate a compelling case for change, shareholders are
recommended to WITHHOLD votes for dissident nominee Robert
Pons.”
- “Economou filed an amended Schedule 13D on May 2, which seems
to reflect an increasing selling of shares since late April.”
- “A vote FOR the management director nominees is
warranted.”
Additional information about Genco’s Comprehensive Value
Strategy and how to vote is available at www.VoteForGenco.com.
Shareholders in need of assistance voting their Genco shares should
contact MacKenzie Partners, Genco’s proxy solicitor, at
(800-322-2885) toll-free or by email at
proxy@mackenziepartners.com.
About Genco Shipping & Trading Limited
Genco Shipping & Trading Limited is a U.S. based drybulk
ship owning company focused on the seaborne transportation of
commodities globally. We provide a full-service logistics solution
to our customers utilizing our in-house commercial operating
platform, as we transport key cargoes such as iron ore, grain,
steel products, bauxite, cement, nickel ore among other commodities
along worldwide shipping routes. Our wholly owned high quality,
modern fleet of dry cargo vessels consists of the larger Capesize
(major bulk) and the medium-sized Ultramax and Supramax vessels
(minor bulk) enabling us to carry a wide range of cargoes. We make
capital expenditures from time to time in connection with vessel
acquisitions. As of May 8, 2024, Genco Shipping & Trading
Limited’s fleet consists of 16 Capesize, 15 Ultramax and 12
Supramax vessels with an aggregate capacity of approximately
4,490,000 dwt and an average age of 11.8 years.
"Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995
This release contains certain forward-looking statements
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements use
words such as “expect,” “intend,” “plan,” “believe,” and other
words and terms of similar meaning in connection with a discussion
of potential future events, circumstances or future operating or
financial performance. These forward-looking statements are based
on management’s current expectations and observations. For a
discussion of factors that could cause results to differ, please
see the Company's filings with the Securities and Exchange
Commission, including, without limitation, the Company’s Annual
Report on form 10-K for the year ended December 31, 2023, and the
Company's reports on Form 10-Q and Form 8-K subsequently filed with
the SEC. We do not undertake any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Additional Information and Where to Find It
On April 16, 2024, Genco filed with the SEC a definitive proxy
statement on Schedule 14A (the “Definitive Proxy Statement”),
containing a form of WHITE proxy card, with respect to its
solicitation of proxies for Genco’s 2024 Annual Meeting of
Shareholders. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE
PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO)
FILED BY GENCO AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC
CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL
CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Investors and
security holders may obtain copies of these documents and other
documents filed with the SEC by Genco free of charge through the
website maintained by the SEC at www.sec.gov. Copies of the
documents filed by Genco are also available free of charge by
accessing Genco’s website at www.gencoshipping.com.
Participants
Genco, its directors and certain of its executive officers will
be participants in the solicitation of proxies from shareholders in
respect of the 2024 Annual Meeting of Shareholders, including John
C. Wobensmith (Chief Executive Officer and President), Peter Allen
(Chief Financial Officer), Joseph Adamo (Chief Accounting Officer),
Jesper Christensen (Chief Commercial Officer), and Genco’s
directors other than Mr. Wobensmith, namely James G. Dolphin,
Paramita Das, Kathleen C. Haines, Basil G. Mavroleon, Karin Y.
Orsel, and Arthur L. Regan. Investors and security holders may
obtain more detailed information regarding the Company’s directors
and executive officers, including a description of their direct or
indirect interests, by security holdings or otherwise, under the
captions “Management,” “Executive Compensation,” and “Security
Ownership of Certain Beneficial Owners and Management” in Genco’s
Definitive Proxy Statement. To the extent holdings of such
participants in Genco’s securities changed since the amounts
described in the Definitive Proxy Statement, such changes will be
reflected on Initial Statements of Beneficial Ownership on Form 3
or Statements of Change in Ownership on Form 4 filed with the SEC.
These documents are available free of charge as described
above.
MEDIA/INVESTOR CONTACT:
Peter AllenChief Financial OfficerGenco Shipping & Trading
Limited(646) 443-8550
Aaron Palash / Carleigh Roesler / Jenna ShindermanJoele Frank,
Wilkinson Brimmer Katcher(212) 355-4449
1 Permission to use quotes neither sought nor received
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