FAIRSTAR HEAVY TRANSPORT N.V. plans share repurchase program
(Thomson Reuters ONE) -
Fairstar Heavy Transport N.V. (FAIR) announces its intent to repurchase up to
1,200,000 shares of its outstanding common stock. Fairstar was given authority
by its shareholders at the 2011 Annual General Meeting to repurchase up to ten
percent of its outstanding shares. Under the terms of the Company's bond loan
agreement, Fairstar can repurchase shares so long as they are repurchased to
satisfy the Company's obligations under its employee option program. Fairstar
has to date issued a total of 1,200,000 options to employees.
Ingmar den Blanken, Treasurer of Fairstar, "The current price level of our
shares provides us with a cost effective opportunity to satisfy our needs under
our employee option plan. This may change in the event of a sharp upward
movement in the share price. We have applied to the Oslo Stock Exchange to
purchase up to 50% of the daily turnover for the calendar month prior to
commencing this program today. The program will remain in effect for the next
thirty days. "
For further information please contact:
Philip Adkins, CEO (philip.adkins(at)fairstar.com)
Web:www.fairstar.com
Tel: +31 (0)10-403 5333
***
Profile Fairstar Heavy Transport
Fairstar Heavy Transport N.V. is a leading provider of marine heavy transport
solutions, specializing in high-value cargoes for the offshore and onshore
energy and construction industries. Fairstar owns and operates two of the most
modern semi-submersible heavy transport ships in the global fleet, FJORD and
FJELL. The 50,000DWT, open-stern semi-submersible vessels FORTE and FINESSE are
currently under construction with Guangzhou Shipbuilding International in China
and will be owned and operated by Fairstar when they are delivered in 2012.
Fairstar is based in Rotterdam and quoted on the Oslo Stock Exchange (ticker:
FAIR).
Press release (PDF):
http://hugin.info/143837/R/1542141/472018.pdf
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Fairstar Heavy Transport NV via Thomson Reuters ONE
[HUG#1542141]
Unternehmensinformation / Kurzprofil:
Datum: 30.08.2011 - 08:47 Uhr
Sprache: Deutsch
News-ID 60323
Anzahl Zeichen: 2713
contact information:
Town:
ROTTERDAM
Kategorie:
Business News
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