DBM Global, Inc. (published by GlobeNewswire), July 17, 2020 press release: "DBM Global to Pay Cash Dividend" [HC2 withdraws another $5 million of DBM capital]

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The Shareholder Forum had offered to support Appraised Value Rights ("AVR") of DBM (f/k/a Schuff International) minority shareholders in 2014 following a $31.50 per share tender offer by the company's controlling shareholder, HC2 Holdings, Inc., with the stated intent to proceed with a short-form merger "as soon as practicable.”

HC2 acquired DBM shares in the 2014 tender offer and other purchases bringing its total holdings to 92% of outstanding DBM shares, but has not proceeded with a merger. The Forum has continued to support the minority shareholder interests of its AVR participants in this context.

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HC2 withdraws another $5 million of DBM capital

It is notable that the Friday afternoon report of a new DBM dividend, below, does not follow the pattern of other recent DBM dividends that coincided with HC2 obligations for its June 1 and December 1 interest payments on its November 2018 refinancing due 2021:

May 4. 2020, HC2 Holdings, Inc., press release: "DBM Global Inc., a HC2 Portfolio Company, to Pay Cash Dividend" (2 pages, 30 KB, in PDF format) [DBM will pay $3.89 per share dividend to upstream $14 million cash needed for HC2 financial obligations]
November 8, 2019, HC2 Holdings, Inc.: SEC Form 8-K Current Report: Press Release dated titled "DBM Global Inc., a HC2 Portfolio Company, to Pay Cash Dividend" (5 pages, 82 KB, in PDF format) [DBM to pay cash dividend of $3.42 per share on November 27, 2019; "HC2 expects to receive approximately $12.2 million of the total $13.2 million dividend payout"]
May 7, 2019, HC2 Holdings, Inc., press release: "DBM Global Inc., a HC2 Portfolio Company, to Pay Cash Dividend" (2 pages presented in HC2 Holdings, Inc., SEC Form 8-K Current Report: 5 pages, 90 KB, in PDF format) [DBM will pay $3.89 per share dividend to upstream $14 million cash needed for HC2 financial obligations]

Source: DBM Global, Inc. (published by GlobeNewswire), July 17, 2020 press release

GlobeNewswire

DBM Global to Pay Cash Dividend

July 17, 2020 16:05 ET | Source: DBM Global Inc.

PHOENIX, July 17, 2020 (GLOBE NEWSWIRE) -- DBM Global Inc. (OTC: DBMG), a family of companies providing fully integrated steel construction services, and an operating subsidiary of HC2 Holdings, Inc. (NYSE: HCHC), announced today that it will pay a cash dividend of approximately $5 million, or $1.30 per share, on August 6, 2020 to DBM Global Inc. stockholders of record at the close of business on July 27, 2020.

About DBM Global Inc.

DBM Global Inc. is a fully integrated 3D Building Information Modeling (“BIM”) modeler, detailer, fabricator, and erector of structural steel and heavy steel plate. DBMG models, details, fabricates and erects structural steel for commercial and industrial and infrastructure construction projects such as high-and low-risk buildings and office complexes, hotels and casinos, convention centers, sports arenas and stadiums, shopping malls, hospitals, dams, bridges, mines and power plants. DBMG also fabricates trusses and girders and specializes in the fabrication and erection of large-diameter water pipe and water storage tanks. Through its Aitken business (“Aitken”), DBMG manufactures pollution control scrubbers, tunnel liners, pressure vessels, strainers, filters, separators and a variety of customized products. Through its most recent acquisition, GrayWolf Industrial (“GrayWolf”), DBMG also provides specialty maintenance, repair, and installation services to a diverse set of end markets, including power, petrochemical, pulp & paper, and refinery. Headquartered in Phoenix, Arizona, DBMG has operations in Arizona, California, Georgia, Kansas, Kentucky, Texas, and Utah with construction projects primarily located in the aforementioned states.

For additional information on DBM Global’s majority shareholder, HC2 Holdings, Inc. (NYSE: HCHC), please visit http://www.hc2.com or contact:

Investor Relations
Garrett Edson
ICR
Phone: (212) 235-2691
E-Mail: ir@hcr.com


Contact:	DBM Global Inc.
	Michael R. Hill, VP and CFO
	(602) 257-7838
	Email: mike.hill@dbmglobal.com

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