BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News





Aegean founder set to bank $99.6m from share sale

18 Aug 2016 09:02 GMT

Dimitris Melissanidis steps down as Head of Corporate Development and will act as consultant to the firm.



Aegean Marine Petroleum Network Inc. has announced that an independent committee of the company's board of directors has authorized the repurchase of the 11,303,031 shares currently owned by Aegean founder Dimitris Melissanidis.

Under the terms of the authorization, the company will repurchase the shares at a price of $8.81 per share, based on the close of trading on August 16, 2016. The total repurchase - which will boost Melissanidis's bank balance by $99.58 million - represents approximately 22 percent of Aegean's shares outstanding.

Aegean also confirmed that Melissanidis will step down from his role as Head of Corporate Development at Aegean, effective immediately. He will, however, continue to act as a consultant to the company "to provide guidance to management and ensure a seamless transition", Aegean said.

"As Aegean's founder and a pioneer in the bunkering industry, we thank Dimitris for his extraordinary leadership and dedication to the Company since its inception more than 21 years ago," said E. Nikolas Tavlarios, Aegean's President. "We have a strong team in place to continue executing on our strategy, serving our customers, and creating value for our shareholders. We are pleased that Dimitris will remain involved with Aegean as a consultant and continue to provide valuable guidance."

"I am honored to have played a role in Aegean's evolution, and I am proud that today the Company is a dynamic leader in the maritime shipping and bunkering industries," said Melissanidis. "I look forward to continuing to work closely with the leadership team as an advisor and to watching Aegean continue on its trajectory of growth and success."

"We believe this sizeable repurchase of the Company's shares underscores the Board's confidence in Aegean's prospects, and will provide meaningful and immediate earnings accretion for all Aegean shareholders," continued Tavlarios. "We are fortunate to have a solid balance sheet and strong free cash flow, which provide us the opportunity to repurchase shares while continuing to invest in our business to drive continued growth and shareholder value."




Related Links:

Aegean Marine Petroleum earnings call summary
Aegean reduces costs to achieve profit rise despite lower revenue
Aegean deploys bunker vessel to Port Elizabeth
Aegean revenue, net income down despite 31% jump in sales volumes
Aegean Marine Petroleum elects directors
Aegean Marine Petroleum S.A.
Greece

Latest News:

Another first for Wartsila as wireless charging for hybrid coastal ferry is 'successfully' tested
Scandlines hails bunker-saving summer for hybrid ferries
BHP, GoodFuels to collaborate on biofuel bunker project in Singapore
The OPEC / non-OPEC meeting takes centre stage
Oil and fuel oil hedging market update
Fluxys focuses investment on Zeebrugge's fifth LNG tank and second jetty
Rolls-Royce and Inmarsat sign ship energy management agreement
Bullish market sentiment remains, short-term dark horse could be meeting comments
Oil and fuel oil hedging market update
Dorian LPG and ABS to conduct feasibility study of LPG as marine fuel
CO2 reduction addressed at ECSA seminar
World's first dual-fuel boxship conversion completed




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Cape Town
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio de Janeiro
Rotterdam
Santos
Singapore
Directory
Africa
Asia
Central America
Middle East
North America
North Europe
Oceania
South America
South Europe
Directory
Germany
Gibraltar
Greece
Hong Kong
Italy
Japan
Netherlands
Panama
Russia
Singapore
South Africa
South Korea
Spain
Turkey
United Arab Emirates
United Kingdom
United States
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Events
Upcoming Events