Americas News
Aegean to Continue Share Buyback Scheme
Physical bunker supplier Aegean Marine Petroleum Network Inc. (Aegean) [NYSE:ANW] said Tuesday its Board of Directors has approved a continuation of its share repurchase program to buy back up to a total of one million shares of the Company's common stock.
Aegean said it would buy back shares for cash in open market transactions at prevailing market prices or in privately negotiated transactions.
The timing and volume of the purchases are to be determined by the company's management based upon market conditions and other factors.
The program does not require the purchase of any specific number or amount of shares it said, and may be suspended or reinstated at any time at its discretion and without notice.
The Board said it would review the program in 12 months time.
Earlier this month Aegean announced its third quarter 2012 financials, saying it recorded an increased gross profit of $74.4 million, up 3.8% from $71.7 million in the same period in 2011, with both its revenues and the volume of bunkers sold remaining flat.
