You guys better relax and take another look at the plan.The preferred shares are the sweetener.The company needs to raise money to obtain more tankers to expand the company.Rights are not warrants and have a short shelf life.The company regained its New York Stock Exchange listing,they arent going to screw that up.I see this as the means to get the share price on the way to the $15-20 range.I and many others will be all over this deal.
The Offered Shares will be sold in round lots consisting of 200 shares of common stock and one share of preferred stock. Each round lot will be sold at a price of $280, representing a purchase price of $0.70 per share of common stock and $140 per share of preferred stock. Upon the satisfaction of certain conditions and subject to adjustments described herein, each share of preferred stock will automatically be exchanged for 200 shares of common stock.
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