Seeking Alpha

Seaspan drops plan for public offerings, shares +15% premarket

  • Seaspan (SSW) +14.9% premarket after disclosing it will no longer proceed with its previously announced public offerings of common shares and convertible notes.
  • Shares had dropped 17% since the announcement after the close Monday.
Comments (4)
  • wigit5
    , contributor
    Comments (3955) | Send Message
     
    Wow that ought to make shareholders happy... my only question is if you needed the money what did you do so that you no longer need the money?
    11 Oct 2013, 09:13 AM Reply Like
  • 447309
    , contributor
    Comment (1) | Send Message
     
    The money was for growth, not operations, so they will not commission additional ships for construction.
    11 Oct 2013, 11:34 AM Reply Like
  • Exquisite Decay
    , contributor
    Comments (153) | Send Message
     
    This shareholder is happy and not happy. The not happy: It was going to use the funds to grow the company by buying cheap brand new ships to lease after it had clients sign long term leases (6-12 years). That is its business model and has done very well with it. Either they will have to find funding through some other way or not expand its business for the time being.

     

    Happy part: Added 420 shares yesterday below $20 for a yeild of 6.25%.
    11 Oct 2013, 05:00 PM Reply Like
  • Barn Al
    , contributor
    Comments (142) | Send Message
     
    I don't think they did "need" the money.
    11 Oct 2013, 06:25 PM Reply Like
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