Performance Shipping Inc. Announces Agreements to Acquire Two Aframax Tankers and US$10.0 Million Investment by Its Chairman
DIANA CONTAINERSHIPS (DCIX)
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Source: GlobeNewswire
ATHENS, Greece, June 11, 2019 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ:DCIX), (the “Company”), today announced that it has agreed to acquire two entities, which have signed contracts to purchase two 2011-built Aframax tanker vessels from an unaffiliated third party seller for a total purchase price of US$60.0 million. The transaction was unanimously approved by the disinterested members of the board of directors of the Company. The Company will acquire the two entities affiliated with the Company’s Chairman and Chief Executive Officer, Mr. Symeon Palios, for an aggregate purchase price of US$10.0 million, which will be paid in common shares of the Company at a per share price of US$1.05, which is equal to the undiscounted closing price of the common stock on the NASDAQ stock exchange on June 7, 2019. The US$10.0 million purchase price of the two entities is equal to the deposit previously paid to the vessels’ seller by the affiliates of the Company’s Chairman. The ba
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