Pacific Basin Shipping Limited commences an Equity Buyback Plan for 526,382,305 shares, representing 10% of its issued share capital, under the authorization approved on April 19, 2024.
May 07, 2024 at 06:22 am EDT
Share
Pacific Basin Shipping Limited (SEHK:2343) commences share repurchases on May 7, 2024, under the program mandated by the shareholders in the Annual General Meeting held on April 19, 2024. As per the mandate, the company is authorized to repurchase up to 526,382,305 shares, representing 10% of its issued share capital. The repurchases will lead to an enhancement of the net asset value per share and/or earnings per share for the company. The repurchases will be made out of the funds legally available for such purpose in accordance with its memorandum of association and Bye-laws and the applicable laws and regulations of Bermuda. The authority shall expire at the earliest of the next Annual General Meeting, the date on which the next Annual General Meeting is required to be held or the date on which the authority is varied or revoked in a General Meeting. As of April 19, 2024, the company had 5,263,823,056 shares in issue.
On April 18, 2024, the company announced a share repurchase program. Under the program, the company will repurchase up to $40 million or HKD 312 million worth of shares. The program will be valid from April 25, 2024 to December 31, 2024. The repurchase price of each Share shall not be higher by 5% or more than the average closing market price of the Shares over the five trading days immediately preceding each repurchase, according to the Listing Rules. The Company intends to finance the buy-back of Shares through its available cashflow and internal resources. The company will subsequently cancel the bought shares.
Pacific Basin Shipping Limited is an investment holding company principally engaged in the provision of dry bulk shipping services internationally. The Company is also engaged in the management and investment of the Companyâs cash and deposits through its treasury activities. Through its subsidiaries, the Company is engaged in convertible bond issuer.
Pacific Basin Shipping Limited commences an Equity Buyback Plan for 526,382,305 shares, representing 10% of its issued share capital, under the authorization approved on April 19, 2024.