Ekaterina Zelenkova

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) Stock Gains On CEO's Input and Dilution News

by Ekaterina Zelenkova July 6, 2010
SHIP_price_chart_020710.jpgOn Friday, Seanergy Maritime Holdings Corp. (NASDAQ:SHIP, SHIP message board) stock suddenly jumped 6.31% up on close to the average volume traded and on the background of news about future dilution.

Even the last stock promotion was not able to add more than 2.42% value to SHIP shares.

As usually is the case after a promotion, traded under $2 SHIP stock promptly lost 5.51% of its weight.

As it happened earlier in the middle of June, the company's CEO Mr. Dale Ploughman came on time to support the SHIP stock demand.

Last Wednesday, SHIP announced the second in row within a month purchase of company's shares by the above mentioned insider.

Each of these two tranches of SHIP stock purchases by Mr. Dale Ploughman is representing 18% of the average for SHIP volume traded. Even more, the second one was 40% from the total volume traded last Wednesday.

After that life-giving CEO's input, the high investor appreciation pushed SHIP shares price 5.50% up.

At the end of the week, impressed by Mr. Ploughman's motion, shorters also entered the market. During the first for this moth trading session of SHIP stock, only 11.36% of the total volume traded belonged to shorters.

SHIP_from_the_site1.pngThinking about the upcoming holidays and the SHIP stock price increase, on Friday shorters' presence rose up to 26.16%.

Last Thursday, SHIP announced its willingness to propose for a vote the increase in the aggregate number of shares of the company's authorized capital.

Currently, SHIP has authorized capital of two hundred and one million (201,000,000) shares.

At the end of July, during the Annual Meeting of Shareholders, investors will face the opportunity to vote for future dilution of the company's current shareholders. The proposal is to increase the authorized capital to five hundred and one million (501,000,000) shares.

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