Diana Shipping reports preliminary results of self tender offer for common stock shares
Published by Claire Cuddihy,
Diana Shipping Inc., a global shipping company specialising in the ownership of dry bulk vessels, yesterday announced the preliminary results of its tender offer to purchase up to 5 178 571 shares of its common stock, par value of US$0.01 per share (the common stock), at a price of US$2.80 per share, net to the seller in cash, less any applicable withholding taxes and without interest. The tender offer expired at 5:00 P.M., Eastern Time, on 27 March 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 3 889 386.6175 shares, including 1211 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 undersubscribed, it is expected that the company will purchase all validly tendered shares from each tendering shareholder. The company offered to purchase a total of 5 178 571 shares in the tender offer for an aggregate purchase price of approximately US$14.5 million.
The number of shares of common stock expected to be purchased by the company and the aggregate purchase price for the shares 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 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 validly tendered. Certificates for all shares tendered and not purchased 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.
Read the article online at: https://www.drybulkmagazine.com/shipping/29032019/diana-shipping-reports-preliminary-results-of-self-tender-offer-for-common-stock-shares/
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