Scorpio Tankers announced an update on its Securities Repurchase Program.
$250 Million Securities Repurchase Program
Since the Company’s previous announcement on December 23, 2015, the Company has purchased 2,299,606 of its common shares in the open market at an average price of $5.96 per share. As of January 15, 2016, there were 173,035,794 shares outstanding.
The Company has $164.6 million remaining under its Securities Repurchase Program as of the date of this press release. The acquired common shares are being held as treasury shares. The Company expects to repurchase any securities in the open market, at times and prices that are considered to be appropriate by the Company, but is not obligated under the terms of the program to repurchase any securities.