DHT Maritime Inc. is the operating company that owns and leases out a fleet of oil tankers -- the name letters "DHT" originally stood for "double hull tankers," but since at least 2005 they haven't properly stood for anything -- the letters are simply the name.
Anyway, on March 1 of this year, DHT Maritime completed transactions that made it a subsidiary of a holding company, appropriately called DHT Holdings, organized in the Marshall Islands.
Still more recently, DHT Holdings has been engaged in a proxy dispute with MMI Investments, a New York based hedge fund we've encountered before in this blog. It's DHT's largest shareholder, currently owning 9.7% of DHT Holdings' equity.
On Friday, May 14, MMI and DHT have reached an agreement. Here's the filing. The gist of it is that DHT Holdings will expand the size of its board of directors to include MMI's nominee, Robert Cowen.
One of the issues involved in the proxy fight was the question of paying dividends and/or starting a share buyback. Previously, DHT's chairman has said that the company "will certainly consider reinstating the dividend" or starting a share-buyback in the future, but conditions in its industry do not allow for that just now. There's nothing explicit on the dividend/buy-back issues in the peace treaty.
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