Overseas Shipholding Group Provides Guidance Regarding Class B Dividend on Settlement of Proskauer Lawsuit
OREANDA-NEWS. 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.
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.