Nordic American Tankers Limited (NYSE:NAT) - Declaration of Dividend for the 66th time. Total dividend is up.
Hamilton, Bermuda, January 27, 2014
Nordic American Tankers Limited ("NAT") today announced that the 66(th) dividend
of NAT is expected to be $0.25 per share compared with $0.16 per share for
3Q2013. This time the dividend consists of two parts; a cash dividend of $0.12
per common share and a partial distribution of shares held by NAT in Nordic
American Offshore Ltd. ("NAO"), equivalent to $0.13 per NAT share.
The Board has declared a cash dividend of $0.12 per NAT share which is one part
of the dividend. The record date for the cash dividend is planned for February
20, 2014 and the payment is expected to take place on or about March 3, 2014.
In addition, the Board intends to declare a dividend composed of a portion of
the shares that NAT owns in NAO. This portion is about $10 million worth of NAO
shares. This will be equivalent to $0.13 per NAT share. Before the $10 million
distribution, NAT owns $65 million worth of shares in NAO (or 26% of NAO). The
NAO subscription price was $15.00 per share. NAO objectives include a full
payout dividend policy similar to NAT and a high liquidity in the share as is
the case for NAT.
The trading of NAO is, for the time being, on Over The Counter (OTC) in Oslo,
Norway. Adjusted for the USD/NOK exchange rate, the NAO stock is now trading at
a US dollar value of $16.88 per share, an increase of about 13% since the launch
in November 2013. The share dividend to NAT shareholders is based on the
subscription price of $15 per share. Setting of a record date and the
distribution of shares are expected around the time of the planned listing of
NAO on the New York Stock Exchange, to take place as soon as possible. Further
details on timing listing/distribution will be announced later.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Matters discussed in this press release may constitute forward-looking
statements. Â 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," "intend," "estimate," "forecast," "project," "plan,"
"potential," "will," "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, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Â Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond our control, we cannot assure you that we will achieve or accomplish
these expectations, beliefs or projections. Â We undertake no obligation to
update any forward-looking statement, whether as a result of new information,
future events or otherwise.
Important factors that, in our 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 in the tanker
market, as a result of changes in OPEC's petroleum production levels and world
wide oil consumption and storage, changes in our operating expenses, including
bunker prices, drydocking and insurance costs, the market for our 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, potential disruption of shipping routes due to accidents or
political events, vessels breakdowns and instances of off-hires and other
important factors described from time to time in the reports filed by the
Company with the Securities and Exchange Commission, including the prospectus
and related prospectus supplement, our Annual Report on Form 20-F, and our
reports on Form 6-K.
Contacts:
Scandic American Shipping Ltd
Manager for:
Nordic American Tankers Limited
P.O Box 56, 3201 Sandefjord, Norway
Tel: + 47 33 42 73 00 E-mail:Â nat@scandicamerican.com
Jacob Ellefsen,
Manager, Investor Relations and Research, Monaco
Nordic American Tankers Limited
Tel: + 377 93 25 89 07 or + 33Â 678 631Â 959
Rolf Amundsen, Advisor, Norway
Nordic American Tankers Limited
Tel: +1 800 601 9079 or + 47 908 26Â 906
Turid M. Sørensen, CFO & EVP, Norway
Nordic American Tankers Limited
Tel: +47 33 42 73 00 or +47 90 57 29 27
Gary J. Wolfe
Seward & Kissel LLP, New York, USA
Tel: +1 212 574 1223
Press Release (PDF):
http://hugin.info/201/R/1757240/593666.pdf
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Source: Nordic American Tankers Limited via GlobeNewswire
[HUG#1757240]