LNG tanker operator, Tsakos Energy Navigation Ltd, has announced that its Board of Directors has authorised the company to extend its stock repurchase programme by an additional US$20 million for purchases of its common and/or its preferred shares as the first US$20 million programme announced in December 2015 has been completed.
In the first programme, Tsakos Energy Navigation acquired as treasury stock 3 580 286 common shares at an average price of US$5.59 per share. The company confirmed that it will make additional repurchases from time to time based on market conditions at management's discretion.
George V. Saroglou, Vice President and COO of TEN, said: "Tanker stocks and especially TEN have been negatively affected in recent months by reasons unrelated to our underlying business. As a result, we believe that the current value of our stock continues to present a great buying opportunity at a time our Company is undergoing its largest expansion in history both in terms of fleet growth and revenue generation."
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/15072016/tsakos-energy-navigation-extends-stock-repurchase-programme-2756/