"Arthur," Vane said, not looking up from the documents. "You’re asking us to buy another five million shares at a five percent discount to market."

Vane tapped his pen against the table. A rhythm of hesitation. He looked at the prospectus again. He looked at Arthur. He knew Arthur was seasoned. He knew Arthur wouldn't bluff about the Savannah terminal.

Seasoned offerings generally fall into two categories based on how they affect the company’s capital structure and existing shareholders:

Arthur glanced at the junior analyst to his left, then back to Vane. "We can give you fifteen percent on the over-allotment. But I need a hard order for three million shares right now. Not tomorrow morning. Now."

"They will. We’ve had the preliminary talks. It’s in the addendum." Arthur tapped the thick book on the table. "You’ve been holding Strand stock for five years. You’ve seen the dividend growth. This offering? It’s seasoned. It’s got flavor. It’s got a history of returning capital to shareholders. If we were an IPO, we’d be telling you we’re going to revolutionize shipping with drones. We’re telling you we’re going to buy a building and put crates in it. Boring is profitable."

"The discount is too steep," Vane said, though his voice had lost its edge. "I want a bite at the greenshoe option." He wanted the right to buy more shares if the offering was oversubscribed—a safety net for him.