We are offering 51,785,800 shares of our common stock and 258,929 shares of our Series A Participating Preferred Stock (the "preferred stock") to our stockholders. We refer to these shares as the "offered shares". The offered shares will be offered only to the holders of record of our common stock as of 5:00 p.m., New York City time, on March 29, 2012. We refer to this date as the "Record Date".
The offered shares will be sold only in round lots of 200 shares of our common stock and one share of our preferred stock (each lot, a "subscription lot"). Each subscription lot will be sold at a price of $280, representing a purchase price of $0.70 per share of common stock and $140 per share of preferred stock. Upon the satisfaction of certain conditions and subject to adjustments described herein, each share of preferred stock will become exchangeable at the holder's option for, and on or after June 30, 2013 will automatically be exchanged for, approximately 200 shares of common stock. The volume-weighted average price of shares of our common stock for the two week period ended March 16, 2012 was approximately $1.12, and the price of our common stock to be sold in this offering represents a discount of approximately 37.5% to that price.
Each of our holders of record as of the Record Date will receive, for every 250 shares of common stock it owned as of the Record Date, one non-transferable subscription privilege consisting of a basic subscription privilege to purchase, at a purchase price of $280 per subscription lot, one subscription lot in this offering and the oversubscription privilege described below. While each share of common stock held as of the Record Date would entitle a holder to approximately 0.004 of one subscription privilege, fractional interests will be rounded down to the nearest whole subscription privilege and no shareholder will be entitled to receive a fractional interest in a subscription privilege. As a result, any holder who holds less than 250 shares of common stock will not receive a subscription privilege. We refer to each holder entitled to a subscription privilege as a "Record Date Holder". Record Date Holders who fully exercise all of their basic subscription privileges will be entitled to subscribe for any subscription lots that remain unsubscribed after the exercise of all basic subscription privileges up to a cap of, when taken together with the subscription lots purchased pursuant to such holder's basic subscription privilege, 45,720 subscription lots, subject to certain limitations set forth in this prospectus. We refer to such entitlement as the "oversubscription privilege". We reserve the right, to be exercised in our sole and absolute discretion, to limit the exercise of any oversubscription privilege to ensure that no Record Date Holder, together with its affiliates and certain groups of shareholders to which such Record Date Holder belongs, would beneficially own more than 9.99% of the aggregate voting power of our outstanding capital stock after giving effect to the transactions contemplated in this prospectus supplement or to avoid any adverse U.S. federal income tax consequences.
This offering will terminate at, and the subscription privileges will expire and have no value if not properly exercised by, 5:00 p.m., New York City time, on April 27, 2012. Subject to certain conditions as described in this prospectus supplement, the total gross proceeds expected to be raised in this offering is approximately $72.5 million.
We have entered into an investment agreement with a fund managed by Anchorage Capital Group, L.L.C. (such fund, "Anchorage"), pursuant to which we expect to sell an additional approximately $7,500,000 of our preferred stock in a concurrent private placement to Anchorage at a price per share of preferred stock of $140. In addition, pursuant to the investment agreement, if the offering pursuant to this prospectus supplement is undersubscribed, Anchorage will purchase an additional amount of our preferred stock equivalent to the Offered Shares that are not purchased in this offering by Record Date Holders (with one share of preferred stock being deemed equivalent to 200 shares of common stock) at a price per share of preferred stock of $140. Anchorage will also receive 21,429 shares of our preferred stock as a transaction fee in consideration for providing the backstop commitment described above.
Shares of our common stock are traded on the New York Stock Exchange under the symbol "DHT". The preferred stock will not be listed for trading on any stock exchange.
American Stock Transfer & Trust Company, LLC is acting as subscription agent for the offering. Georgeson Inc. is acting as information agent for the offering. UBS Securities LLC is acting as our financial advisor in connection with the offering.
Investing in the securities offered by this prospectus supplement involves a high degree of risk. You should carefully consider the risks described under the "Risk Factors" section of this prospectus supplement beginning on page S-13 before subscribing for or buying any of the common stock or preferred stock offered hereby.
Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.
The date of this prospectus supplement is March 19, 2012.
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