Stolt-Nielsen Limited’s board of directors has resolved to initiate a buyback program to purchase up to $50 million worth of its common shares, the company announced today.
The buyback program will comprise up to 3,100,000 common shares, representing up to 4.83% of the company's issued share capital. The highest price to be paid per share will be NOK 120, but shall in no event exceed the prevailing market price at the Oslo Stock Exchange on the relevant trading day. The shares will be purchased from the open market as well as through private offerings.
The buyback program is being initiated on November 18, 2014 and will continue until and including December 10, 2014. The shares purchased will be held in treasury.