In regulatory filing that followed the close in the Lion City, the company said the cumulative cost of cash and shares used to settle the premature conclusion of deals tied to a pair of post-panamax bulkers will be weigh in at around $15.8m.
In December investors were led to believe that the $9m drain on its reserves would be followed by the issuance of shares worth around $6m but the value turned out to be closer to $7m, a discrepancy that prompted today’s clarification on the heels of discussions with auditors.
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