SHIP - Seanergy Maritime (SHIP) - Management backs up its claims of stock undervaluation with share buyback

Seanergy's Board increased its share buyback. The Board authorized the additional purchase of up to $5 million of its outstanding common shares, convertible notes or warrants. The amount is in addition to two repurchase plans totaling $26.7 million that have been completed over the last seven months.Management is also buying shares. Stamatis Tsantanis (Chairman & CEO) indicated his intent to buy an additional 500,000 shares of common stock on the open market. At current prices, the purchase would represent approximately $0.5 million. Mr. Tsantanis reiterated that Seanergy's management and board of directors "believe that our current share price is significantly undervalued." The shares have fallen from a level of $1.20 per share a month ago to the current level near $0.80 per share in response to weakening Capesize shipping rates and overall stock market weakness. Read More >>