Diana Containerships initiates reverse stock split

The Greek containership owner and leasing company has revealed it will carry a one-for-three reverse stock split, reducing the total number of common shares in circulation from roughly 3.2 million to about 1.1 million.    Greek containership owner and leasing company Diana Containerships is carrying out another reverse stock split.
   Diana revealed Friday that its board of directors has determined to effect a reverse stock split of the company’s common shares, per value $0.01 per share, at a ratio of one-for-three.
   The Nasdaq-listed company’s reverse stock split will take effect as of the opening of trading on or around Sept. 25 under the existing trading symbol “DCIX.” The new Committee on Uniform Securities Identification Procedures (CUSIP) number for Diana’s common stock following the reverse stock split is Y2069P143.
   Every three shares of Diana’s issued and outstanding common stock will automatically be combined into one issued and outstanding share of common stock, without any change to the par value per share, reducing the number of outstanding common shares of the company from approximately 3.2 million to around 1.1 million.
   “No fractional shares will be issued in connection with the reverse stock split,” Diana said. “Shareholders who would otherwise hold a fractional share of the company’s common stock will receive a cash payment in lieu thereof at a price equal to that fraction to which the shareholder would otherwise be entitled multiplied by the closing price of the company’s common stock on the Nasdaq Global Select Market on the last trading day prior to the effective date of the reverse stock split.
   “Shareholders with shares held in book-entry form or through a bank, broker, or other nominee are not required to take any action and will see the impact of the reverse stock split reflected in their accounts on or after the effective date,” the company explained. “Shareholders with shares held in certificate form will receive instructions from the company’s exchange agent, Computershare, for exchanging their stock certificates for a new certificate representing the shares of common stock resulting from the reverse stock split.”
   Diana, which has a fleet of 11 containerships ranging in size from 3,426 TEUs to 6,541 TEUs, recorded a net income of $29.1 million for the six months ending June 30, compared to a net loss of $13.8 million for the corresponding period a year earlier.