Sitting with Seanergy

Having concluded our meeting with the institutional investor, Seanergy’s Investor Day presentation provided an interesting case in point. Coming under the umbrella of one of these so called stubs, Seanergy’s management, Dale Ploughman and Christina Anagnostara, took the offensive and presented its case directly to the investors. Unfortunately, Seanergy’s plight is highlighted by the numbers. The number of shares outstanding, after the 1 for 15 share split, is 7.32 million giving the company a market capitalization of $30.2 million based upon the closing price Monday of $4.12. Of the shares outstanding, a substantial majority (75%) are owned by entities controlled by the Restis family. Average daily volume averages about 7,000 shares with a free float of 1.84 million shares. On the other hand, with the stock symbol, SHIP, the shares should sell themselves at some point.

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