Stamford, Conn. - September 11, 2018
Dorian LPG (NYSE: LPG) today issued the following statement in response to quotes in the press from representatives of BW LPG about Dorian's level of engagement following BW's unsolicited proposal:
"We welcome input and feedback from all of our shareholders. The board and management team are singularly focused on maximizing value for Dorian shareholders.
"It is in this spirit that Dorian has met multiple times with BW's leadership team, including an in-person meeting with the entire Dorian board and BW. We also requested information regarding BW's net asset values since July — we did not make providing that info a condition to these meetings — and BW only provided this information just a few days ago. We are in the process of scheduling a meeting to discuss this information with BW.
"It is disingenuous for BW to characterize Dorian as nonresponsive, and to completely mislead shareholders by failing to discuss the facts of the situation.
"The Dorian Board and management team continue to explore whether BW can deliver appropriate value to Dorian shareholders as we evaluate the opportunities before us. We will not close doors to potential opportunities, and will respond to BW's proposal in due course."
About Dorian LPG Ltd.
Dorian LPG is a liquefied petroleum gas shipping company and a leading owner and operator of modern VLGCs. Dorian LPG's fleet currently consists of twenty-two modern VLGCs. Dorian LPG has offices in Stamford, Connecticut, USA, London, United Kingdom and Athens, Greece.
Dorian has retained Evercore as its financial advisor and Wachtell, Lipton, Rosen & Katz and Seward & Kissel LLP as legal advisors.
Dorian LPG Ltd. press release