Golden Ocean’s $100m share buyback
The board of directors of Golden Ocean Group Limited has authorised a share buyback programme of a maximum $100 million, to purchase up to an aggregate of 10,000,000 of the company's common shares for a period up to 12 months.
The maximum amount to be paid per share is $10, or equivalent in NOK for shares acquired at the Oslo Stock Exchange.
The share buybacks will be carried out by way of repurchases in the market, both on the Oslo Stock Exchange and on the Nasdaq.
The company will report buybacks carried out continuously and in accordance with the disclosure requirements of the Oslo Stock Exchange.
The company is not obligated under the terms of the programme to repurchase any of its common shares. The timing and amount of any repurchase will depend on alternative uses of capital, legal requirements, market conditions, stock price and other factors, in the discretion of the board.
Ulrik Uhrenfeldt Andersen, chief executive officer, said: “The uncertainty in the global economy has impacted capital markets and near-term dry bulk freight sentiment.
“Following the recent share price development, we find it in our shareholders’ interest that the company has the authorisation to repurchase our common stock as part of its capital allocation strategy.
“Given the strength of our balance sheet and our constructive long-term market outlook, the board has decided to add the opportunity to allocate part of our financial resources to pursue such share buyback.
“This plan reflects our confidence in the market and our strategy to invest for long-term shareholder return.”