HAMILTON, Bermuda, April 2, 2014 (GLOBE NEWSWIRE) -- The Board of Nordic American Tankers Limited has declared a cash dividend of $0.23 per share. The record date is May 15, 2014 and the payment date is on or about May 25, 2014.
We have previously informed investors about the dividend in kind (shares in Nordic American Offshore - NAO) that will be awarded to NAT shareholders having NAT shares above a certain threshhold. The dividend is expected to be equivalent to about $0.13 per NAT share. Shareholders owning shares below this threshold can expect to receive this dividend in kind in cash. NAT is the manager, sponsor and largest shareholder of NAO. NAO is in the process of seeking listing on the New York Stock Exchange. We expect this dividend in kind to be distributed after the planned listing on NYSE which we expect will take place soon. Further details on timing of NAO listing and distribution of dividend in kind will be announced later.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTSMatters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.