Hampton Financial Buys 10% Stake in NASDAQ-Listed ICON Energy
Hampton Financial (HFC.V) acquired a 10% stake in dry bulk shipping company, ICON Energy (ICON:NASDAQ) in open market transactions, it said overnight Monday.The purchases of an aggregate of 325,000 common shares of Icon Energy are for investment purposes, it said, taking total investment by Hampton to about C$550,000."Hampton sees Icon Energy's current share price as being substantially undervalued when compared to its NAV of approximately US$7.00 per share based on ICON Energy's publicly available financial statements," said Hampton Chief Executive Peter Deeb. "Additionally, Hampton believes that significant recent improvements in shipping rates and general industry climate as reported by numerous industry rate tracking systems and news sources are encouraging factors in relation to Icon Energy's share price."Hampton's shares last traded Apr. 17, closing at $0.40 on the TSX Venture Exchange.