Nearly half of MGX dividend is paid out via DRP, it saves the company spending its bank balance but it further dilutes shareholders. More than 60 million shares have been added over the past 2 years.
The BOD needs the cash in the bank for keeping the high paid Directors in their cushy jobs as well as slowly getting Koolan Is up to speed which is already months overdue.
Last quarter shipping was a disgrace ( gone badwards at a rate of knots again) and this current quarter hasn't got off to a good start either. ( Just one ship due at the end of the month.) Grange in the meantime is loading right now with another bulk carrier waiting patiently by. ie 4 ships for a month ( maybe 8 or 9 for the quarter) vs. MGX 1 ship.
Not a good look.
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