http://finance.yahoo.com/news/nordic-american-offshore-ltd-nyse-110205605.html
"Each NAT shareholder that holds at least 500 of our common shares as of
July 25, 2014 will receive NAO shares. The dividend is calculated on the
basis of $0.13 to be distributed per NAT share, and the November 2013
NAO offering price of $15 per share, implying roughly one NAO share per
115.4 NAT shares. NAT will not distribute fractional NAO shares.
Fractional shares will be compensated by a cash dividend based on the
NAO closing price on August 8, 2014. Since NAO`s November 2013 offering
at $15 per share, NAO shares have gone up in value significantly. Based
on the most recent NAO closing price of $20.15, this increase in the
value of the NAO share is equivalent to about 34%, implying a total
value of the dividend-in-kind of about $0.17 per share. The value of the
dividend-in-kind may fluctuate depending on the development of the NAO
stock price between the time of this release and the close of NYSE
August 8, 2014."
Not shabby. If NAO's price holds up between now and August, we get an effective in-kind distribution of $0.17 on top of the $0.13 cash distribution.