Overseas Shipholding Group Provides Guidance Regarding Class B Dividend on Settlement of Proskauer Lawsuit
February 16 2016 - 2:25PM
Business Wire
Overseas Shipholding Group, Inc. (NYSE MKT:OSG, OSGB) (the
“Company” or “OSG”) announced today that, in connection with the
previously-announced settlement of the Company’s lawsuit against
Proskauer Rose LLP (“Proskauer”), its Board of Directors expects to
declare a dividend of approximately $0.16 to $0.18 per Class B
common share and to make a cash distribution of approximately $0.16
to $0.18 per Class B warrant.
Each of the record holders of the Company’s Class B common stock
and Class B warrants will be entitled to receive a cash
distribution equal to their pro rata portion of an aggregate of 10%
of proceeds received by the Company as a result of its lawsuit
against Proskauer, less certain costs and expenses (as determined
by the Company’s board of directors), including legal fees, of the
Company related to that lawsuit and counterclaims filed by
Proskauer. The Company’s estimates concerning the approximate
dividend and distribution amounts are preliminary and subject to
revision. The final calculation of the exact amount of the
dividend, the date on which any dividend and cash payment may
become payable and the related record date for any such payments
will only be determined once the settlement payment has been
received by the Company, and the payment of any dividend or payment
remains subject to such receipt.
“We are pleased that we will soon be in a position to pay a
dividend in connection with the final settlement of the Proskauer
lawsuit, which reflects our requirement to return a percentage of
the proceeds to our Class B securityholders,” said Captain Ian T.
Blackley, OSG’s president and CEO. “With this matter behind us we
can increase our focus on executing on our strategy and delivering
value for our shareholders.”
Each share of Class B common stock will automatically convert
into one share of Class A common stock and each Class B warrant
will automatically convert into one Class A warrant on the tenth
business day after both the entry of a final order approving a
stipulation of dismissal of the Proskauer lawsuit and the
distribution of the above described dividend and payment to the
holders of Class B securities.
About OSG
Overseas Shipholding Group, Inc. (NYSE MKT:OSG, 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 make payments to securityholders, 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/20160216006539/en/
Investor Relations & Media Contact:Overseas
Shipholding Group, Inc.Brian Tanner,
212-578-1645btanner@osg.com
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