Preliminary results show Diana buyback oversubscribed
(Posted on 30/05/19)
Diana Shipping Inc. has announced the preliminary results of its tender offer to purchase up to 3,125,000 shares of its common stock, par value of US$0.01 per share , at a price of US$3.40 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 May 28, 2019.
Diana is a global provider of shipping transportation services through its ownership of dry bulk vessels.
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 5,849,060 shares, including 24,587 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 3,125,000 shares in the tender offer for an aggregate purchase price of approximately US$10.625 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.
If shareholders have any questions, please call our information agent, Georgeson LLC, by telephone, toll free at (800) 248-7690.
The Company’s vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.
Latest News
Healthy bulk market helps Pacific Basin generate record interim results
(Posted on 05/08/22)Pacific Basin Shipping Limited, one of the world’s leading dry bulk shipping companies, has announced... Read more
Spar Shipping bulker successfully completes biofuel-powered trial voyage
(Posted on 29/07/22)A 10-day trial onboard a Spar Shipping AS bulk carrier enabled a reduction of at least 75% in carbon... Read more
Inmarsat report offers cyber-risk guidance amid escalating threats
(Posted on 25/07/22)A new report published by Inmarsat, the world leader in global, mobile satellite communications, highlights... Read more
MHSS responds to new report on seafarer mental health
(Posted on 25/07/22)Mental Health Support Solutions CEO and founder Charles Watkins welcomes the recently published report... Read more
CSM partners with Kadmos to automate crews’ salary pay-outs
(Posted on 18/07/22)Columbia Shipmanagement (CSM) has announced a partnership with Berlin-based Fintech Kadmos to automate... Read more
North joins Maritime Anti-Corruption Network
(Posted on 18/07/22)In the latest demonstration of its commitment to supporting a more sustainable maritime community, North... Read more
ClassNK releases "Guidelines for Ships Using Alternative Fuels (Edition2.0)"
(Posted on 18/07/22)ClassNK has released the "Guidelines for Ships Using Alternative Fuels (Edtion 2.0)," which sets forth... Read more
Swire Bulk launches its first SE Asia - Europe liner service
(Posted on 01/07/22)Swire Bulk will operate a new liner service between Southeast Asia and Europe from June 2022, providing... Read more
AtoB@C Shipping confirms additional electric hybrid vessel order
(Posted on 01/07/22)AtoB@C Shipping, a subsidiary of Aspo Group’s ESL Shipping, has declared an option and order for... Read more
Seanergy announces additional share buybacks
(Posted on 01/07/22)Seanergy Maritime Holdings Corp. has announced that the Board of Directors has authorized an additional... Read more
