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Diana Shipping reveals preliminary results of tender offer

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Dry Bulk,

Diana Shipping Inc. has announced the preliminary results of its tender offer to purchase up to 2 816 900 shares of its common stock, par value of US$0.01 per share at a price of US$3.55 per share, net to the seller in cash, less any applicable withholding taxes and without interest. The tender offer expired at 11:59 P.M., Eastern Time, on 11 October 2019.

Based on a preliminary count by Computershare Trust Company, N.A., the depositary for the tender offer, the total number of shares tendered in the tender offer was 6 085 937.1584 shares, including 13 490 shares tendered pursuant to the guaranteed delivery procedure described in the tender offer documents. Because the preliminary information received from the depositary indicates that the tender offer was oversubscribed, it is expected that the number of shares that the company will purchase from each tendering shareholder will be prorated so that the company purchases a total of 2 816 900 shares in the tender offer for an aggregate purchase price of approximately US$10 million.

The number of shares of common stock expected to be purchased by the company, the aggregate purchase price for the shares, and the proration factor are preliminary and subject to final confirmation by the depositary and the proper delivery of shares tendered, including shares tendered pursuant to the guaranteed delivery procedure. The final results of the tender offer, including the final proration factor, will be announced promptly following completion of the confirmation process. Payment for shares of common stock accepted for purchase by the company will be made in accordance with the terms of the tender offer promptly following final confirmation of the number of shares tendered and the final proration factor, and taking into account adjustments to avoid purchases of fractional shares. Certificates for all shares tendered and not purchased, including shares not purchased due to proration will be returned or, in the case of shares tendered by book-entry transfer, will be credited to the account maintained with the book-entry transfer facility by the participant who delivered the shares to the tendering pursuant to the terms of the tender offer.

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