Diana Shipping Accuses Genco of Maintaining Poison Pill
Diana Shipping (DSX), the largest shareholder of Genco Shipping & Trading (GNK), addressed a series of new conditions regarding Genco's poison pill that have been announced by the Genco Board of Directors. Diana urges shareholders not to be distracted by Genco's blatant attempt to confuse shareholders with empty promises. After Institutional Shareholder Services' recommendation that Genco shareholders vote AGAINST the ratification of Genco's poison pill, the Genco Board had an opportunity to demonstrate its supposed "commitment to strong corporate governance and shareholder engagement" and indicate that it would rescind the poison pill if shareholders vote against it. Instead, the Board chose to cling to the poison pill - the centerpiece of its entrenchment strategy - and reaffirm its commitment to maintaining the pill with a few self-serving, meaningless last minute qualifications. Genco shareholders should not be manipulated into accepting such a poison pill.
