TowerView sent a letter to the Board of StealthGas Inc (GASS)
Key Summary: TowerView (5.2%) urged the Board on December 7, 2022, to consider liquidating assets and returning capital to shareholders. Global Value Investment Corp, on January 16, 2018, pushed for a cash dividend, a permanent CFO, an independent investor relations firm, and accountability for poor performance. On June 6, 2018, they reiterated their proposals, emphasizing the stock's undervaluation at $4.50 versus a book value of $14.00.
Market Cap: $108 million | StealthGas Inc. is a maritime transportation company primarily serving the liquefied petroleum gas (LPG) sector, and is one of the largest owners of pressurized LPG carriers in the 3,000 – 8,000 cbm costal carrier segment.
TowerView
On December 7, 2022, TowerView (5.2%) sent a letter to the Board requesting that they consider a liquidation of the Company’s assets and the return of capital to the shareholders
Global Value Investment Corp
- On January 16, 2018, Global Value Investment Corp sent a letter to the Board urging them to immediately initiate a cash dividend, hire a permanent Chief Financial Officer (CFO), retain an independent investor relations firm, and establish criteria to hold the current entrenched management team and Board of Directors accountable for the company’s poor performance.
- On June 6, 2018, Global Value Investment Corp sent another letter to the Board reiterating its initial proposals and pressing for reforms in light of the persistent underperformance of the company's common stock. It stated its belief that the share should trade for close to its book value per share of about $14.00. Shares recently traded for $4.50.
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