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Posted by
Two Blokes May 26 -
Filed in
Stock
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Imperial Petroleum delivered solid first quarter results, with decent profitability and strong cash generation. The company finished the quarter with $227.4 million in cash, cash equivalents and liquid investments, as well as no debt. The current discount to net asset value is north of 70%. However, an ill-timed related party deal will result in the family of CEO Harry Vafias extracting the majority of the company's cash balance in exchange for overpriced dry bulk carriers.
