The “OK” from the American stock market authorities was received by Diana Shipping for the listing of Oceanpal Inc on the Nasdaq Capital Market with the symbol “OP”.
The Palios Family Shipping Company has announced the creation of a new company, OceanPal Inc., which will operate as a portfolio company with three dry bulk carriers spin-off from Diana Shipping’s fleet.
The three ships are the oldest in Diana Shipping’s fleet. Along with the ships in the new company, Diana Shipping will contribute $ 1 million in working capital and will sell all of OceanPal shares to Diana Shipping shareholders, who will also receive preferred shares of OceanPal Inc. Diana Shipping also announced that in parallel with the completion of the spin-off transaction, it will distribute a dividend of $ 0.10 per share.
The Company also announces that the previously announced date of the withdrawal of OceanPal Inc. and a $ 0.10 cash dividend payment per share of Diana Shipping Inc. has been transferred on November 3, 2021. The Company expects to complete the distribution of common shares of OceanPal Inc. at a rate of one share of OceanPal Inc. for every 10 shares of Diana Shipping Inc. held on the Date of Registration on November 9, 2021 and the date of payment of the dividend in cash will be November 10, 2021.
Commenting on the spin-off transaction, the CEO of Diana Shipping, Ms. Semiramis Paliou, had stated that the divestment of 100% of the common shares of OceanPal Inc., “represents a significant return on value to our shareholders, reflecting the ability of the company to take advantage of the strong bulk dry cargo market “.
Diana Shipping management also believes that the creation of “a separate listed bulk cargo company focusing on older ships with shorter charter times will further enhance shareholder value by providing greater exposure to the short-term charter market, while allowing Diana Shipping to continue focus on long-term development.
Finally, the dividend of $ 0.10 per share for the current quarter represents a good indication of the Company’s ability to pay dividends on a quarterly basis at current market levels.
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