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Diana Gifts its Shareholders

Also, just prior to Christmas, Diana Shipping announced its intention to partially spin-off its majority owned containership subsidiary, Diana Containership Inc., to its shareholders through a special dividend. Currently, Diana owns approximately 55% of the outstanding common shares and intends to distribute 80% of its interest or approximately 2.667 million shares. The shares will be distributed pro rata based upon the number of Diana Shipping’s shares outstanding. Based upon the share count outstanding at the time of the announcement, each shareholder would receive 0.0325 shares of Diana Containerships for each share of Diana Shipping owned. Following the distribution, Diana Shipping, its shareholders and the original third party investors will own respectively 11%, 44%, and 45% of Diana Containerships.

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Written by: | Categories: Freshly Minted, The Week in Review | January 6th, 2011 |

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