Navios Maritime Partners L.P. announced that its Board of Directors has authorised a unit repurchase programme for up to US$50 million of the company’s common units over a two year period.
Unit repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions.
The timing and amount of repurchases under the programme will be determined by Navios Partners’ management based upon market conditions and other factors. Repurchases may be made pursuant to a programme adopted under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.
The programme does not require any minimum repurchase or any specific number of units of common equity and may be suspended or reinstated at any time in the company’s discretion and without notice. The Board of Directors will review the programme periodically. Repurchases will be subject to restrictions under the company’s credit facilities.
Read the article online at: https://www.drybulkmagazine.com/shipping/08012019/navios-announces-us50-million-unit-repurchase-programme/