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Re: NAT Q2 to be disappointing The best I can come up with is based on their dividend announcement last January. They stated: "As communicated earlier, in November
2013, NAT established Nordic American Offshore (NAO) – a Platform Supply Vessel
(PSV) company. The dividend to NAT shareholders announced January 27, 2014 has two components: A share dividend of NAO shares totalling $10m worth of NAO stock. This is equivalent to $0.13 per NAT share. Distribution will take place around the time of listing on NYSE. Further details will be announced later. A cash dividend of $0.12 per NAT share. The record date for the cash dividend will be February 20, 2014 and the payment will take place on or about March 3, 2014. The total dividend is $0.25 compared with $0.16 in 3Q2013 and preceding quarters in 2013." At the time of that press release NAT valued NAO at $15/share. Based upon that press release, unless an additional in-kind distribution is announced, I would think that the NAO distribution would be 4.333 NAO shares per 500 NAT shares owned as of the distribution record date, which was not announced at that time. It seemed like a sort of screwy distribution at the time, but I just shrugged and said "better than a sharp stick in the eye" and thought no more about it. And, of course, there are more NAT shares outstanding now than there were in January so the stated equivalence of 13cents/share in January no longer is valid. I suspect there will be additional information and clarifications before the actual distribution.
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Msg # | Subject | Author | Recs | Date Posted |
711 | Re: NAT Q2 to be disappointing | PinewoodsBear | 0 | 7/7/2014 11:21:23 PM |