Scorpio Tankers announces agreement to acquire 7.5M shares Scorpio Tankers announced that it has entered into an agreement whereby the company will purchase from an existing shareholder 7.5M common shares of the company in exchange for the sale to said shareholder of 3.42M common shares the company currently owns in Dorian LPG in a privately negotiated transaction. As a result of the disposal of the 3.42M Dorian shares, the Company will recognize a gain of approximately $11M and its ownership in Dorian will be reduced to 9.4M shares. This transaction is subject to the execution of definitive agreements and satisfaction of customary closing conditions and is expected to close in June. In addition to the transaction announced today, the company has repurchased 2.76M of its common shares at an average price of $8.89 per share before commissions. As of today, the company has $75.3M remaining on its $100M stock buyback authorization, which was announced on April 28. The Company also announced that it has recently taken delivery of four product tankers under its Newbuilding Program.
Scorpio Tankers to host conference call Management discusses newbuildings contracts and options, as well as agreement to sell three older vessels and take delivery of six newbuildling vessels, on a conference call to be held on December 17 at 10 am.