Star Bulk Carriers Corp. (Star Bulk), a global shipping company focusing on the transportation of dry bulk cargoes, yesterday announced that, pursuant to the company’s previously announced share repurchase programme, the company purchased yesterday 600 000 of its common shares from a non-related third party shareholder, in a private transaction at a price of US$8.40 per share, which represents the closing price of 21 June 2019, for an aggregate consideration of US$5 040 000.
The company will cancel all the common shares it has repurchased under this transaction. On 29 November 2018, the company announced a share repurchase programme to purchase up to an aggregate of US$50.0 million of the company’s common shares. The timing and amount of any repurchases will be in the sole discretion of the company’s management team, and will depend on legal requirements, market conditions, stock price, alternative uses of capital and other factors. Repurchases of common shares may take place in privately negotiated transactions, in open market transactions pursuant to Rule 10b-18 of the Exchange Act and/or pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act. The company is not obligated under the terms of the program to repurchase any of its common shares. The repurchase programme has no expiration date and may be suspended or terminated by the company at any time without prior notice. Common shares repurchases as part of this programme will be cancelled by the company.
Read the article online at: https://www.drybulkmagazine.com/shipping/25062019/star-bulk-carriers-corp-acquires-600-000-of-its-own-common-shares/