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 completes repurchase of founder's shares

Following the share repurchase, Aegean has a total of 39,403,822 shares outstanding.





Updated on 20 Sep 2016 06:57 GMT

Aegean Marine Petroleum Network Inc. has announced today that on 15th September it closed on its previously announced repurchase of the 11,303,031 shares owned by Aegean founder Dimitris Melissanidis.

Under the terms of the authorization, the company repurchased the shares at a price of $8.81 per share, based on the close of trading on 16th August 2016.

Following the share repurchase, Aegean has a total of 39,403,822 shares outstanding. The total repurchase - which boosted Melissanidis's bank balance by $99.58 million - represents approximately 22 percent of the company's shares outstanding.

Following the announced share sale agreement last month, Melissanidis stepped down from his role as Head of Corporate Development at Aegean. He will, however, continue to act as a consultant to the company "to provide guidance to management and ensure a seamless transition", Aegean said in August.

"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 last month. "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."

"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, in August. "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."

"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 goes ex-dividend
Aegean founder set to bank $99.6m from share sale
Aegean Marine Petroleum earnings call summary
Aegean reduces costs to achieve profit rise despite lower revenue
Aegean deploys bunker vessel to Port Elizabeth
Greece

Latest News:

Swedish Club examines lessons to learn from bunker pollution accident
Two inland vessels a month bunkering LNG at Fluxys' Antwerp dock
Oil and fuel oil hedging market update
Singapore's record H1 was lowest six-month sales period since May-November
Sharp drop in oil prices
2020: Papering over the cracks
Nine-month high: Singapore sees rise in bunker calls as percentage of ship arrivals
Oil and fuel oil hedging market update
Pegasus has bunker craft operator licence revoked in Singapore
Singapore Q2 bunker sales lower than in 2016
Oil rises a second consecutive day but ends the week much lower
Singapore H1 bunker sales surpass 25m tonnes for first time




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
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
Contact & Terms
Contact Us
Advertise
Terms & Conditions
Privacy Policy
Events
Upcoming Events