Genco Re-Elects All Directors with 90% Support, Reviews Diana Offer
GNK•Genco shareholders re-elected all six board nominees with nearly 90% support excluding Diana Shipping’s stake and approved the company’s equity incentive plan and shareholder rights agreement. The board will review Diana Shipping’s revised nonbinding proposal while continuing its strategy to expand premium assets, reduce debt and boost dividend capacity.
1. Overwhelming Director Re-Election
Genco shareholders re-elected all six director nominees—Paramita Das, Kathleen C. Haines, Basil G. Mavroleon, Karin Y. Orsel, Arthur L. Regan and John C. Wobensmith—with an average vote of nearly 90% excluding shares held by Diana Shipping Inc. Investors also approved the equity incentive plan, ratified the shareholder rights agreement and rejected Diana’s board proposals.
2. Review of Diana’s Nonbinding Proposal
The board is conducting a thorough review of the revised nonbinding proposal submitted by Diana Shipping Inc. on June 17, engaging its financial advisor Jefferies LLC and legal counsel Herbert Smith Freehills Kramer (US) LLP and Sidley Austin LLP alongside special advisor Morgan Stanley & Co. LLC.
3. Strategic Execution and Next Steps
Genco emphasized that its Comprehensive Value Strategy—focused on growing premium-earning assets, reducing debt, lowering breakeven levels and increasing earnings and dividend capacity—is driving strong returns. Final vote certification is pending from the independent Inspector of Elections, with results to be filed on Form 8-K with the SEC.
