Danaos Corporation Announces Implementation of Dividend Reinvestment Plan
May 11 2021 - 8:00AM
Business Wire
Danaos Corporation (“Danaos”) (NYSE: DAC) announced today that
its Board of Directors (the “Board”) has approved a dividend
reinvestment plan (the “plan”). The plan offers holders of Danaos
common stock the opportunity to purchase additional shares by
having their cash dividends automatically reinvested in Danaos
common stock. Participation in the plan is optional, and
stockholders who decide not to participate in the plan will receive
cash dividends, as declared and paid. All dividends with respect to
Danaos’s common stock are payable only when, as and if declared by
the Board.
The following is a summary of the key attributes of the plan.
The terms and conditions of the plan are set forth under the
heading “Description of Plan” in the prospectus available as part
of the registration statement filed by Danaos with the Securities
and Exchange Commission (the “SEC”) on the SEC’s website, EDGAR
(http://www.sec.gov). Stockholders should read the plan prospectus
carefully before electing to participate in the plan or invest in
Danaos common stock.
The plan will be administrated by American Stock Transfer &
Trust Company, LLC (the “Administrator”), Danaos’s transfer agent.
At Danaos’s discretion, the Administrator will make such purchases
directly from Danaos, on the open market, through privately
negotiated transactions or by a combination of the foregoing.
Purchases directly from Danaos may be eligible for a discount of up
to 5% from the otherwise applicable purchase price, but any such
discount is to be determined by the Board, in its sole discretion,
and may be changed or discontinued at any time without notice to
plan participants. Danaos has instructed the Administrator that,
until further notice, all purchases under the plan shall be made
directly from Danaos at a discount of 3% to the Market Price (as
defined in the plan).
Plan enrollment materials and information will be distributed to
the Danaos’s stockholders of record. Record owners of Danaos common
stock may participate in the plan by submitting a properly
completed plan enrollment form to the Administrator. Beneficial
owners of Danaos common stock may participate in the plan either by
becoming a record owner in respect of the shares they would like to
enroll in the plan and then submitting a properly completed
enrollment form to the Administrator or by arranging for the
broker, bank or other nominee that is the record owner in respect
of such shares to participate in the plan on their behalf. If a
plan enrollment form is received by the Administrator on or prior
to the record date established for a particular dividend,
reinvestment will commence with that dividend. Enrollment forms of
stockholders who wish to participate in the plan for the dividend
declared on May 10, 2021 must be received by the Administrator no
later than May 27, 2021. For more information on how to enroll or
any other inquiries, contact the Administrator by phone at (800)
278-4353 or via the Internet at www.astfinancial.com.
The offering is being made only by means of a prospectus. Danaos
has filed a registration statement (including the prospectus)
relating to the plan with the SEC. A copy of the registration
statement (including the prospectus) is available electronically
from EDGAR (http://www.sec.gov) and may also be obtained from the
Administrator by phone at (800) 278-4353 or via the Internet at
www.astfinancial.com.
This release does not constitute an offer to sell, or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
About Danaos Corporation
Danaos Corporation is one of the largest independent owners of
modern, large-size containerships. Danaos’s current fleet of 65
containerships aggregating 403,793 TEUs, including five vessels
owned by Gemini Shipholdings Corporation, a joint venture, ranks
Danaos among the largest containership charter owners in the world
based on total TEU capacity. Danaos’s fleet is chartered to many of
the world’s largest liner companies on fixed-rate charters.
Danaos’s long track record of success is predicated on Danaos’s
efficient and rigorous operational standards and environmental
controls. Danaos Corporation’s shares trade on the New York Stock
Exchange under the symbol "DAC".
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking
statements within the meaning of the safe harbor provisions of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Forward-looking statements reflect
our current views with respect to future events and financial
performance and may include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts. The forward-looking statements in
this release are based upon various assumptions. Although Danaos
Corporation believes that these assumptions were reasonable when
made, because these assumptions are inherently subject to
significant uncertainties and contingencies which are difficult or
impossible to predict and are beyond our control, Danaos
Corporation cannot assure you that it will achieve or accomplish
these expectations, beliefs or projections. Important factors that,
in our view, could cause actual results to differ materially from
those discussed in the forward-looking statements include the
impact of the COVID-19 pandemic and efforts throughout the world to
contain its spread, including effects on global economic activity,
demand for seaborne transportation of containerized cargo, the
ability and willingness of charterers to perform their obligations
to us, charter rates for containerships, shipyards performing
scrubber installations, drydocking and repairs, changing vessel
crews and availability of financing; Danaos’s ability to achieve
the expected benefits of its debt refinancing and comply with the
terms of its new credit facilities; the strength of world economies
and currencies, general market conditions, including changes in
charter hire rates and vessel values, charter counterparty
performance, changes in demand that may affect attitudes of time
charterers to scheduled and unscheduled dry-docking, changes in
Danaos Corporation's operating expenses, including bunker prices,
dry-docking and insurance costs, ability to obtain financing and
comply with covenants in our financing arrangements, actions taken
by regulatory authorities, potential liability from pending or
future litigation, domestic and international political conditions,
potential disruption of shipping routes due to accidents and
political events or acts by terrorists.
Risks and uncertainties are further described in reports filed
by Danaos Corporation with the U.S. Securities and Exchange
Commission.
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Company Contact:
Evangelos Chatzis Chief Financial Officer Danaos
Corporation Athens, Greece Tel.: +30 210 419 6480 E-Mail:
cfo@danaos.com
Iraklis Prokopakis Senior Vice President & Chief
Operating Officer Danaos Corporation Athens, Greece Tel.: +30 210
419 6400 E-Mail: coo@danaos.com
Investor Relations and Financial Media Rose & Company
New York Tel.: 212 359 2228 E-Mail: danaos@rosecoglobal.com
Plan Administrator:
American Stock Transfer & Trust Company, LLC 6201
Fifteenth Avenue Brooklyn, New York 11219 Tel.: 800 278 4353
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