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Teekay Tankers Authorizes New Share Repurchase Program

Source: www.gulfoilandgas.com 9/15/2017, Location: North America

Teekay Tankers Ltd. (Teekay Tankers or the Company) announced that its Board of Directors has authorized a share repurchase program for the repurchase of up to $45 million of the Company’s Class A common shares. Shares may be repurchased in the open market at times and prices considered appropriate by the Company. The timing of any purchases and the exact number of shares to be purchased under the program will be dependent on market conditions and other factors.

“During this period of weaker tanker rates, one of our key priorities remains strengthening our balance sheet by further reducing financial leverage and increasing liquidity,” commented Kevin Mackay, Teekay Tankers’ President and CEO. “This program is being put in place as another lever to create shareholder value, allowing us to opportunistically take advantage of dislocations in the capital markets when we have excess capital.”

In addition, Teekay Tankers has entered into a voting and support agreement with the Company’s second largest shareholder after Teekay Corporation, Huber Capital Management LLC. (Huber Capital), whereby Huber Capital will vote its shares in favor of increasing the authorized number of Teekay Tankers’ Class A common shares at an upcoming special meeting of shareholders, to permit the issuance of Class A common shares as consideration to complete the Company’s proposed merger with Tanker Investments Ltd.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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