Overseas Shipholding Group Announces Stock Dividend and Listing of Class A Common Stock
20 Novembre 2015 - 10:01PM
Business Wire
Overseas Shipholding Group, Inc. (NYSE MKT:OSGB) (the “Company”
or “OSG”) announced today that its Board of Directors has approved
a stock dividend of Class A common stock.
On December 17, 2015, all shareholders of record of OSG’s Class
A common stock and Class B common stock as of 5:00 p.m. E.S.T. on
December 3, 2015, the record date of the dividend (the “record
date”), will receive a dividend of one-tenth of one share of Class
A common stock for each share of Class A common stock and Class B
common stock held by them as of the record date. In connection with
the stock dividend, OSG has applied to list the Class A common
stock on the NYSE MKT under the ticker symbol “OSG”.
“We are very pleased to announce the anticipated listing of our
Class A common stock on the NYSE MKT,” said Captain Ian T.
Blackley, OSG’s president and CEO. “The listing is a significant
milestone for all of us at the Company and marks an important step
in our efforts to improve the trading liquidity of our Class A
common stock and further enhance value for our shareholders.”
OSG expects that the Class A common stock will begin trading on
the NYSE MKT on a “when-issued” basis on December 1, 2015. Regular
way trading in the Class A common stock is expected to begin on
December 18, 2015, the trading day following the date on which the
stock dividend will be distributed.
The Company has posted to its website a description of the
process for delegending outstanding restricted shares of Class A
common stock. The description is located under Supplemental
Information within the Investor Relations section of the Company
website at www.osg.com.
The Class B common stock will continue to trade on the NYSE MKT
under the ticker symbol “OSGB” and ex-dividend trading will
commence on December 18, 2015.
Any fractional shares will be paid in cash based on the closing
price of the Class A common stock on the NYSE MKT on the record
date.
In addition, in connection with the stock dividend, in
accordance with the terms of the outstanding warrants for OSG’s
Class A and Class B common stock, those warrants will be
automatically adjusted so that exercising holders will be entitled
to receive, upon exercise, additional shares of Class A common
stock in respect of the stock dividend. Holders of warrants do not
need to take any action at this time.
About OSG
Overseas Shipholding Group, Inc. (NYSE MKT:OSGB) is a publicly
traded tanker company providing energy transportation services for
crude oil and petroleum products in the U.S. and International Flag
markets. OSG is committed to setting high standards of excellence
for its quality, safety and environmental programs. OSG is
recognized as one of the world’s most customer-focused marine
transportation companies and is headquartered in New York City, NY.
More information is available at www.osg.com.
Forward-Looking Statements
This release contains forward-looking statements. In addition,
the Company may make or approve certain statements in future
filings with the Securities and Exchange Commission (SEC), in press
releases, or in oral or written presentations by representatives of
the Company. All statements other than statements of historical
facts should be considered forward-looking statements. These
matters or statements may relate to the Company’s plans to issue
dividends and list securities and its prospects, including
statements regarding trends in the tanker and articulated tug/barge
markets, and including prospects for certain strategic alliances
and investments. Forward-looking statements are based on the
Company’s current plans, estimates and projections, and are subject
to change based on a number of factors. Investors should carefully
consider the risk factors outlined in more detail in the Company’s
Annual Report for 2014 on Form 10-K under the caption “Risk
Factors” and in similar sections of other filings made by the
Company with the SEC from time to time. The Company assumes no
obligation to update or revise any forward-looking statements.
Forward-looking statements and written and oral forward looking
statements attributable to the Company or its representatives after
the date of this release are qualified in their entirety by the
cautionary statements contained in this paragraph and in other
reports previously or hereafter filed by the Company with the
SEC.
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version on businesswire.com: http://www.businesswire.com/news/home/20151120005920/en/
Investor Relations & Media:Overseas Shipholding
Group, Inc.Brian Tanner, 212-578-1645btanner@osg.com
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