Flex LNG Initiates Strategic Share Repurchase Initiative
Flex LNG Announces Share Buyback Program
The Board of Directors of Flex LNG Ltd. has approved a significant initiative that allows the company to repurchase up to $15 million of its outstanding shares. This decision reflects the company's commitment to enhancing shareholder value and optimizing capital structure.
Overview of the Buyback Program
The company has established an agreement with DNB Markets, Inc. and DNB Carnegie, part of DNB Bank ASA, to facilitate the share repurchases in open market transactions. These transactions will occur both on the Oslo Stock Exchange and the New York Stock Exchange, ensuring compliance with relevant regulations, including the Market Abuse Regulation and U.S. securities laws.
Details of the Repurchase
The buyback initiative is set to commence soon and will continue for a specified period, allowing Flex LNG to repurchase shares according to market conditions. The company aims to acquire up to a maximum of 900,000 shares, holding them as treasury shares post-purchase. The actual number and timing of shares bought back will depend on various factors, including market prices and trading volumes.
Financial Strategy
The funds allocated for the share buyback will be treated separately from any future dividend considerations. The Board of Directors will continue to exercise discretion over dividend policies, reinforcing a balanced approach to capital distribution.
Impact on Shareholder Value
The share repurchase underscores Flex LNG's ongoing commitment to maximizing shareholder value amidst varying market conditions. This strategic move reflects a proactive approach to capital management, aiming to enhance the value of remaining shares by reducing the overall share count.
Company Contact Information
For more information, please reach out to:
Mr. Knut Traaholt, Chief Financial Officer of Flex LNG Management AS
Telephone: +47 23 11 40 00
Frequently Asked Questions
What is the share buyback program of Flex LNG?
The share buyback program allows Flex LNG to repurchase up to $15 million of its stock, aiming to enhance shareholder value.
Why is Flex LNG initiating this buyback?
The buyback reflects Flex LNG's commitment to optimizing its capital structure and improving shareholder returns.
How many shares can Flex LNG repurchase?
The company can purchase up to a total of 900,000 shares during the buyback program.
Where will the repurchases take place?
Repurchases are expected to occur on the Oslo Stock Exchange and the New York Stock Exchange.
What factors influence the timing of the buybacks?
Factors include market conditions, share price, trading volume, and the company's strategic objectives.
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