Diana Shipping announces preliminary results of self tender offer for shares of common stock
Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, has 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 March 27, 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 1,211 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.
About Diana Shipping
Diana Shipping is a global provider of shipping transportation services through its ownership of dry bulk vessels. Diana Shipping’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.