Diana Shipping Inc. Calls on Genco Shipping & Trading to Stop Delaying 2026 Annual Meeting<\/p>\n
Hellenic Shipping News<\/p>\n
Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels that owns approximately 14.8% of the outstanding shares of common stock of Genco Shipping & Trading Limited (NYSE: GNK) (\u201cGenco\u201d), today called on the Genco Board of Directors (the \u201cGenco Board\u201d) to immediately announce the date of its 2026 Annual Meeting at which shareholders will have the opportunity to vote on important matters related to the future of their company.<\/p>\n
Today, Genco filed its preliminary proxy statement \u2014 yet still has not announced an Annual Meeting date or set a record date. In fact, Genco has reserved, and communicated to brokers, three separate potential record dates for the Annual Meeting \u2013 April 4, April 28 and May 18, 2026 \u2013 but has not set one. In addition to confusing brokers and potential voters, reserving multiple record dates without setting one, is an attempt by the Genco Board to manipulate the proxy machinery. Diana intends to respond to the numerous inaccurate and misleading statements contained in Genco\u2019s preliminary proxy statement in due course.<\/p>\n
By not setting an Annual Meeting date, the Genco Board is entrenching itself at a time when it is important for shareholders to have a voice in the future of their company, including the opportunity to vote on Diana\u2019s highly qualified nominees for election to the Genco Board of Directors.<\/p>\n
In addition, Genco\u2019s proxy statement intentionally does not disclose the amount of shareholder money it has spent on denying shareholders the opportunity to realize the value of Diana\u2019s proposal to acquire Genco.<\/p>\n
Semiramis Paliou, Diana\u2019s Chief Executive Officer, commented:<\/p>\n
\u201cFiling a proxy statement without announcing a meeting date or a record date is not a clerical error, it is a strategy. The Genco Board is systematically manipulating every tool available to further entrench itself by delaying the moment when shareholders get to have their say in Genco\u2019s future. Each day without a meeting date is another day that Genco shareholders are denied the opportunity to elect directors who will ensure every strategic alternative to deliver shareholder value is fully and fairly considered.<\/p>\n
\u201cThis Board has refused to take a single meeting or call in the five months since we offered to acquire Genco and deliver attractive value to shareholders. It has unilaterally adopted a poison pill (and later lowered the trigger to 10%), adopted a so-called retention plan without disclosing to shareholders the full potential cost of the plan. It has engaged in an extensive misinformation campaign to distract shareholders. Now it is manipulating its annual meeting calendar because it knows what the outcome could be. Shareholders deserve a board that does not play games, and we intend to make sure they get the chance to have a voice in the future of their company.\u201d<\/p>\n
Diana calls on the Genco Board to immediately announce the date of the 2026 Annual Meeting of Shareholders and the associated record date. It is time to stop using procedural tactics to disenfranchise the very shareholders the Board claims to serve.<\/p>\n
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