Dorian LPG Announces Preliminary Results of its Tender Offer for its Common Shares

Source: 3/4/2021, Location: North America

Dorian LPG Ltd., leading owner and operator of modern very large gas carriers ("VLGCs"), announced today the preliminary results of its tender offer to purchase up to 7,407,407 of its common shares at a price of $13.50 per share. The tender offer expired at 5:00 P.M., Eastern Time, on March 3, 2021.

Based on a preliminary count by Computershare Trust Company, N.A., the depositary for the tender offer, the total number of shares tendered in the tender offer was 18,422,889 shares, including shares tendered pursuant to the guaranteed delivery procedure described in the tender offer documents. These preliminary results indicate that the tender offer was oversubscribed. In view of these preliminary results, the Company has elected to increase the number of shares accepted for payment by 997,739, or slightly less than 2% of the outstanding shares of the Company. The number of shares which the Company will purchase from each tendering shareholder, except with respect to conditional tenders for which the tender condition was not satisfied, is expected to be prorated so that the Company purchases in the tender offer a total of 8,405,146 shares, or approximately 16.8% of the Company's outstanding common shares, for an aggregate purchase price of approximately $113.5 million. Based on the preliminary count, the depositary has informed the Company that the preliminary proration factor for the tender offer is expected to be approximately 45.6%, taking into account the conditional tender provisions of the tender offer.

The number of shares of common stock expected to be purchased by the Company, the aggregate purchase price for the shares, and the proration factor are preliminary and subject to final confirmation by the depositary and the proper delivery of shares tendered, including shares tendered pursuant to the guaranteed delivery procedure. The final results of the tender offer, including the final proration factor, will be announced promptly following completion of the confirmation process. Payment for shares of common stock accepted for purchase by the Company will be made in accordance with the terms of the tender offer promptly following final confirmation of the number of shares tendered and the final proration factor, and taking into account adjustments to avoid purchases of fractional shares. Certificates for all shares tendered and not purchased, including shares not purchased due to proration or because the tender condition was not satisfied, will be returned or, in the case of shares tendered by book-entry transfer, will be credited to the account maintained with the book-entry transfer facility by the participant who delivered the shares pursuant to the terms of the tender offer.

Gulf Oil and Gas
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