Diana Shipping Inc. completed its tender offer, buying back 11.4 million shares at $2.00 each for $22.9 million.
Quiver AI Summary
Diana Shipping Inc. announced the final results of its tender offer to buy back up to 15,000,000 shares of its common stock at a price of $2.00 per share, which expired on December 31, 2024. The company received a total of 11,442,645 shares in the undersubscribed offer and will purchase all validly tendered shares for a total cost of $22,885,290. As a global shipping company, Diana Shipping specializes in dry bulk vessels that transport commodities like iron ore and grain on short to medium-term charters. The press release also includes a cautionary statement regarding forward-looking statements, emphasizing the uncertainties and risks that could affect the company's performance. Shareholders with questions are encouraged to contact the company's information agent.
Potential Positives
- The company successfully executed a tender offer, indicating proactive management of its share structure and shareholder returns.
- All validly tendered shares were purchased, which may enhance shareholder confidence and support the stock price by reducing the number of shares outstanding.
- The tender offer reflects a commitment to returning capital to shareholders, which can strengthen investor relations and attract potential investors.
Potential Negatives
- The tender offer was undersubscribed, with only 11,442,645 shares tendered out of the 15,000,000 shares available, indicating potential lack of confidence from shareholders.
- The company will spend approximately $22.9 million to repurchase the shares, which could raise concerns about its cash flow and financial health if not supported by strong operational performance.
- Market conditions are uncertain, as indicated by the cautionary statements regarding various risks, including fluctuations in charter rates and potential disruptions from geopolitical events.
FAQ
What are the details of Diana Shipping's tender offer?
Diana Shipping's tender offer involved purchasing up to 15 million shares at $2.00 each, totaling $22,885,290.
When did the tender offer for shares expire?
The tender offer expired at 5:00 P.M. Eastern Time on December 31, 2024.
How many shares were tendered in the offer?
A total of 11,442,645 shares were tendered in the company's tender offer.
Who can shareholders contact for more information?
Shareholders can contact Georgeson LLC at toll-free 800-248-7690 for assistance.
What services does Diana Shipping provide?
Diana Shipping specializes in the ownership and chartering of dry bulk vessels for various commodities worldwide.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
ATHENS, Greece, Jan. 07, 2025 (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 the final results of its tender offer to purchase up to 15,000,000 shares of its common stock, par value of US$0.01 per share, at a price of US$2.00 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 December 31, 2024.
Based on the final count by Computershare Trust Company, N.A., the depositary for the tender offer, the total number of shares tendered in the tender offer was 11,442,645 shares. Because the tender offer was undersubscribed, the Company will purchase all validly tendered shares from each tendering shareholder for an aggregate purchase price of US$22,885,290.
If shareholders have any questions, please call our information agent, Georgeson LLC, by telephone, 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.
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