FSL stock price is off around $0.009 as of now. Which is due to default in payment by one of its major customer. I think FSL is taking swift action to mitigate the problem and l am confident it is able to find good resolution to the three tankers recovered. But investors still react negatively.
The earlier price drop was due to its reduced dividend payout rate from anticipated $0.01 to $0.0001. This is to ensure it is able to maintain good cash position to meet its debts obligation. I think it is a very wise and prudent action to take by reducing the payout rate but the reduced quantum is just too much for investors.
l have full confident with the FSL management to ride out the storm but then again I am just a normal retail investor so these price drops is really very heart breaking.
Though l have holding power on FSL but have decided to move my funds into other good dividend paying stocks.
l have sold off my position in FSL today and have recorded my first (huge) loss of around $1.4k since tracking my investment starting from Jan 2011 under the Cash portfolio.