GlobeNewswire·Jun 11, 2026, 9:20 AM ET

Diana Shipping Inc. Urges Genco Shipping & Trading Shareholders to Vote for Jens Ismar and Paul Cornell to the Board, and Vote Against Genco's Poison Pill and Equity Incentive Plan Ahead of Annual Meeting on June 18

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Diana Shipping Inc., the largest shareholder of Genco Shipping & Trading Limited, urged Genco shareholders to vote FOR nominees Jens Ismar and Paul Cornell at the June 18, 2026 Annual Meeting.
Shareholders are urged to vote WITHHOLD on incumbent directors Basil G. Mavroleon and Arthur L. Regan due to concerns regarding excessive executive compensation & governance entrenchment.
Institutional Shareholder Services (ISS) recommended voting AGAINST ratifying Genco's poison pill & equity incentive plan, citing excessive costs & long-term entrenchment risks.
The proposed equity incentive plan would authorize 1.673 million additional shares, causing approximately 3.8% dilution & includes an expansive change-in-control definition.
The poison pill proposal seeks a three-year extension adopted without prior shareholder approval, which ISS noted could discourage qualified acquisition offers.
Diana maintains an all-cash tender offer at $24.80 per share, with an expiration time of 5:00 p.m. New York City time on June 26, 2026.
A second-step merger is planned to acquire remaining shares at $24.80 per share if the initial tender offer is successfully completed.
Shareholders holding the previous WHITE proxy card may change their votes by returning the updated GOLD universal proxy card, with only the latest-dated proxy counting.
Diana holds approximately 14.4% of Genco's outstanding shares, representing 6,264,548 shares as of the press release date.
Genco's board is described as having extended its tenure for over 20 years in some cases & increased executive pay despite reporting a net loss in 2025.