Diana Shipping Inc. Commences Self Tender Offer to Purchase Up to 4,166,666 Shares
November 21 2018 - 4:39PM
Diana Shipping Inc. (NYSE: DSX) (the "Company"), a global shipping
company specializing in the ownership of dry bulk vessels, today
announced the commencement of a tender offer to purchase up to
4,166,666 shares, or about 3.86%, of its outstanding common stock
using funds available from cash and cash equivalents at a price of
US$3.60 per share. The tender offer will expire at the end of the
day, 5:00 P.M., Eastern Time, on December 20, 2018, unless extended
or withdrawn. The Board of Directors determined that it is in the
Company's best interest to repurchase shares at this time given
Diana Shipping Inc.'s cash position and stock price. The tender
offer is not conditioned upon any minimum number of shares being
tendered; however, the tender offer is subject to a number of other
terms and conditions. Specific instructions and an explanation of
the terms and conditions of the tender offer are contained in the
Offer to Purchase and related materials that are being mailed to
shareholders.
Diana Shipping Inc. has retained Computershare
Trust Company, N.A. as the depositary for the tender offer and
Georgeson Inc. as the information agent.
Copies of the Offer to Purchase, the related
Letter of Transmittal and the Notice of Guaranteed Delivery are
being mailed to the Company's shareholders. Additional copies of
the Offer to Purchase, the related Letter of Transmittal or the
Notice of Guaranteed Delivery may be obtained at the Company's
expense from the information agent at (800) 248-7690 (toll free).
Questions regarding the tender offer should be directed to the
information agent at (800) 248-7690 (toll free).
About the Company
Diana Shipping Inc. is a global provider of
shipping transportation services through its ownership of dry bulk
vessels. 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.
Certain Information Regarding the Tender
Offer
The information in this press release describing
Diana Shipping Inc.'s tender offer is for informational purposes
only and does not constitute an offer to buy or the solicitation of
an offer to sell shares of Diana Shipping Inc.'s common stock in
the tender offer. The tender offer is being made only pursuant to
the Offer to Purchase and the related materials that Diana Shipping
Inc. is distributing to its shareholders, as they may be amended or
supplemented. Shareholders should read such Offer to Purchase and
related materials carefully and in their entirety because they
contain important information, including the various terms and
conditions of the tender offer. Shareholders of Diana Shipping Inc.
may obtain a free copy of the Tender Offer Statement on Schedule
TO, the Offer to Purchase and other documents that Diana Shipping
Inc. is filing with the Securities and Exchange Commission from the
Securities and Exchange Commission's website at www.sec.gov.
Shareholders may also obtain a copy of these documents, without
charge, from Georgeson Inc., the information agent for the tender
offer, toll free at (800) 248-7690. Shareholders are urged to
carefully read all of these materials prior to making any decision
with respect to the tender offer. Shareholders and investors who
have questions or need assistance may call Georgeson Inc., the
information agent for the tender offer, toll free at (800)
248-7690.
Cautionary Statement Regarding
Forward-Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward- looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements 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 Company desires to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. The words
"believe," "anticipate," "intends," "estimate," "forecast,"
"project," "plan," "potential," "may," "should," "expect,"
"pending" and similar expressions identify forward-looking
statements.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, Company management's examination of historical
operating trends, data contained in the Company's records and other
data available from third parties. Although the Company believes
that these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies that are difficult or impossible to predict and are
beyond the Company's control, the Company cannot assure you that it
will achieve or accomplish these expectations, beliefs or
projections.
In addition to these important factors, other
important factors that, in the Company's view, could cause actual
results to differ materially from those discussed in the
forward-looking statements include the strength of world economies
and currencies, general market conditions, including fluctuations
in charter rates and vessel values, changes in demand for dry bulk
shipping capacity, changes in the Company's operating expenses,
including bunker prices, drydocking and insurance costs, the market
for the Company's vessels, availability of financing and
refinancing, changes in governmental rules and regulations or
actions taken by regulatory authorities, potential liability from
pending or future litigation, general domestic and international
political conditions, potential disruption of shipping routes due
to accidents or political events, vessel breakdowns and instances
of off-hires and other factors. Please see the Company's filings
with the U.S. Securities and Exchange Commission for a more
complete discussion of these and other risks and uncertainties. The
Company undertakes no obligation to revise or update any
forward-looking statement, or to make any other forward-looking
statements, whether as a result of new information, future events
or otherwise.
Corporate Contact:
Ioannis Zafirakis
Director, Chief Strategy Officer and Secretary
Telephone: + 30-210-9470-100
Email: izafirakis@dianashippinginc.com
Website: www.dianashippinginc.com
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
Diana Shipping (NYSE:DSX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Diana Shipping (NYSE:DSX)
Historical Stock Chart
From Sep 2023 to Sep 2024