e1 Marine & the $40 million win, Win, WIN!
Shipping companies generally issue preferred shares for three basic reasons: (1) they need the cash; (2) their balance sheet can’t support more cheap debt; and (3) their share price is so low that issuing common equity would be unduly dilutive to shareholders.
But Ardmore Shipping’s 2021 issuance of $40 million of 8.5% Series A was something altogether different.
This artistic transaction was not only a first of its kind in shipping, but it may also have been a first of its kind, period. It was a win-win-win with exciting benefits in the short, medium, and long term.
Read the full Maritime Money, The Preferred Equity article here.
Read the full Marketscreener article here.