EMEA News
Aegean Announces New $20 Million Share Repurchase Program
Aegean Marine Petroleum Network Inc.has announced a new share repurchase program that will allow Aegean to buy back up to $20 million worth of the company's outstanding stock.
"The authorization of this stock repurchase program underscores the confidence our Board and management team have in our strategy and our ability to continue to drive long-term profitability while returning significant capital to stockholders," said President E. Nikolas Tavlarios.
Aegean said that effective immediately, the company would be buying back shares from time to time for cash in open market or privately-negotiated transactions.
The timing of the buybacks will depend on market conditions and capital allocation alternatives at the time, among other factors.
There is no specific number of shares that must be bought.
The company announced early this year that it had received a $150 million credit facility to fund U.S. expansion.
