Key Summary: On August 31, 2023, George Economou (9.5%) accused the board of violating laws with a 2022 Exchange Offer, devaluing common shares for the benefit of controlling shareholder Mango Shipping Corp., and demanded acknowledgment of the dual-class structure's impropriety. On September 4, he raised concerns about delayed filings and questioned if recent Common Share increases form a "group" under the Exchange Act. On September 15, Economou nominated a director candidate for the board at the AGM.Market Cap: $23 million | Performance Shipping Inc. provides shipping transportation services through its tanker vessels worldwide.
On August 31, 2023, George Economou (9.5%) sent a letter to the Board alleging that the dual-class structure, formed through a 2022 Exchange Offer, violates laws and rules, significantly devaluing common shares for the benefit of PSI's controlling shareholder, Mango Shipping Corp. Mango gained substantial control through coercive tactics. The letter accused Mango and the board of breaching fiduciary duties for personal gain. It demanded the board publicly acknowledge the impropriety and invalidity of the dual-class structure, with potential Nasdaq delisting as a consequence.
On September 4, 2023, George Economou(9.1%) delivered a letter to the board raising concerns about Mr. Michalopoulos and Ms. Paliou's delayed filings and their involvement in the 2022 Exchange Offer. He also questioned the recent increase in Common Shares and whether thjey should be considered a "group" under the Exchange Act. Director Andreas Nikolaos Michalopoulos, is the husband of the company’s Chairperson, Aliki Paliou.
On September 15, 2023, George Economou submitted to the company a formal notice of his decision to nominate a director candidate for election to the board at the company's AGM.
Kommentare