Scorpio Tankers Inc. today announced a new $150 million stock buyback program, that the initial purchasers exercised their option to purchase an additional $60 million in 2.375% convertible senior notes due 2019 , and newbuilding vessel deliveries, the company said in its press release.
On June 27, 2014, the Board of Directors approved a new stock buyback program with authorization to purchase up to $150 million of shares of the Scorpio Tankers's common stock. This program replaces the Scorpio Tankers's stock buyback program that was previously announced in April 2014, which is being terminated effective immediately. Scorpio Tankers expects to repurchase these shares in the open market, at times and prices that are considered to be appropriate by the Scorpio Tankers, but is not obligated under the terms of the program to repurchase any shares.
During the second quarter of 2014, Scorpio Tankers has acquired 22,626,385 of its common shares that are being held as treasury shares, which includes 4,998,785 common shares that were purchased in the open market at an average price of $8.87 per share, 7,500,000 common shares that were acquired in exchange for 3,422,665 shares in Dorian LPG Ltd. and 10,127,600 common shares that were acquired in conjunction with the Scorpio Tankers's offering of the notes.
The Company has 178,534,162 shares outstanding as of June 30, 2014.