Diana Shipping Inc. Commences Self Tender Offer to Purchase Up to 15,000,000 Shares
Diana Shipping Inc. (NYSE: DSX) has announced a tender offer to purchase up to 15,000,000 shares, representing approximately 12.0% of its outstanding common stock, at $2.00 per share. The company will use available cash and cash equivalents for the purchase. The tender offer will expire on December 31, 2024, at 5:00 P.M. Eastern Time, unless extended or withdrawn. The Board initiated this repurchase based on the company's current cash position and stock price. Computershare Trust Company, N.A. will serve as the depositary, and Georgeson as the information agent for the tender offer.
Diana Shipping Inc. (NYSE: DSX) ha annunciato un offerta di acquisto per acquistare fino a 15.000.000 azioni, che rappresentano circa il 12,0% delle sue azioni ordinarie in circolazione, a $2,00 per azione. L'azienda utilizzerà liquidità disponibile e equivalenti di cassa per l'acquisto. L'offerta di acquisto scadrà il 31 dicembre 2024, alle 17:00 ora orientale, salvo proroga o revoca. Il Consiglio ha avviato questo riacquisto in base alla posizione attuale di liquidità e al prezzo delle azioni della società. Computershare Trust Company, N.A. fungerà da depositario e Georgeson come agente informativo per l'offerta di acquisto.
Diana Shipping Inc. (NYSE: DSX) ha anunciado una oferta de compra para adquirir hasta 15.000.000 acciones, que representan aproximadamente el 12,0% de sus acciones ordinarias en circulación, a $2,00 por acción. La empresa utilizará efectivo disponible y equivalentes de efectivo para la compra. La oferta de compra expirará el 31 de diciembre de 2024, a las 5:00 P.M. hora del Este, a menos que se extienda o se retire. La Junta inició esta recompra basándose en la posición de efectivo actual de la empresa y el precio de las acciones. Computershare Trust Company, N.A. actuará como depositario y Georgeson como agente de información para la oferta de compra.
다이애나 쉬핑 주식회사 (NYSE: DSX)는 입찰 제안을 발표하여 1,500만 주를 구매할 예정이며, 이는 유통 주식의 약 12.0%에 해당하며, 주당 2.00달러입니다. 회사는 구매를 위해 사용 가능한 현금과 현금 등가물을 사용할 것입니다. 제안은 2024년 12월 31일 동부 표준시 기준 오후 5:00에 만료됩니다. 연장되거나 철회되지 않는 한. 이사회는 회사의 현재 현금 보유량 및 주가를 바탕으로 이 재구매를 시작했습니다. 컴퓨터쉐어 트러스트 컴퍼니가 예치회사 역할을 하고 조르겐슨이 입찰 제안의 정보 제공자로 활동합니다.
Diana Shipping Inc. (NYSE: DSX) a annoncé une offre publique d'achat pour acquérir jusqu'à 15 000 000 d'actions, représentant environ 12,0 % de ses actions ordinaires en circulation, au prix de 2,00 $ par action. L'entreprise utilisera des liquidités disponibles et des équivalents de liquidités pour cet achat. L'offre expirera le 31 décembre 2024, à 17 h, heure de l'Est, sauf prolongation ou retrait. Le Conseil a initié ce rachat en fonction de la position actuelle de liquidités de l'entreprise et du prix de ses actions. Computershare Trust Company, N.A. sera le dépositaire et Georgeson agira en tant qu'agent d'information pour l'offre publique d'achat.
Diana Shipping Inc. (NYSE: DSX) hat ein Übernahmeangebot angekündigt, um bis zu 15.000.000 Aktien zu kaufen, was etwa 12,0 % der ausstehenden Stammaktien entspricht, zu einem Preis von 2,00 $ pro Aktie. Das Unternehmen wird verfügbare liquide Mittel und Zahlungsmitteläquivalente für den Kauf verwenden. Das Übernahmeangebot läuft am 31. Dezember 2024 um 17:00 Uhr Eastern Time aus, es sei denn, es wird verlängert oder zurückgezogen. Der Vorstand startete diesen Rückkauf auf der Grundlage der aktuellen Liquiditätsposition und des Aktienkurses des Unternehmens. Computershare Trust Company, N.A. wird als Verwahrer fungieren und Georgeson als Informationsagent für das Übernahmeangebot.
- Company has sufficient cash position to fund 15M share buyback
- 12% reduction in outstanding shares could increase value for remaining shareholders
- No minimum number of shares required for tender offer completion
- Significant cash expenditure of up to $30M could reduce company's financial flexibility
Insights
The tender offer to repurchase 15 million shares (12% of outstanding stock) at
The offer price represents a premium to recent trading prices, potentially providing shareholders an opportunity to liquidate their positions at favorable terms. For remaining shareholders, the reduced float could improve earnings per share metrics and potentially support stock price appreciation. The company's willingness to deploy cash for buybacks suggests strong liquidity position, though investors should monitor how this affects the balance sheet's resilience in the cyclical shipping industry.
ATHENS, Greece, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX) (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced it is commencing a tender offer to purchase up to 15,000,000 shares, or about
Diana Shipping Inc. has retained Computershare Trust Company, N.A. as the depositary for the tender offer and Georgeson LLC 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). Parties outside the U.S. can reach the information agent at +1-781-575-2137.
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 LLC, 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 LLC, the information agent for the tender offer, toll free at (800) 248-7690. Parties outside the U.S. can reach the information agent at +1-781-575-2137.
About the Company
Diana Shipping Inc. is a global provider of shipping transportation services through its ownership and bareboat charter-in of dry bulk vessels. The Company’s vessels are employed primarily on short to medium-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.
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, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East, 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.
FAQ
What is the price per share in Diana Shipping's (DSX) tender offer?
How many shares is Diana Shipping (DSX) planning to buy back?
When does Diana Shipping's (DSX) tender offer expire?
Who is the information agent for DSX's tender offer?
