Safe Bulkers Announces Stock Repurchase Plan
Safe Bulkers, Inc. is excited to share a newly authorized program allowing it to repurchase up to 3 million shares of its common stock. This initiative highlights the company's commitment to enhancing shareholder value while managing its resources effectively.
Details of the Repurchase Program
The repurchase program represents approximately 2.8% of Safe Bulkers' outstanding shares and a notable 5.4% of its public float. This strategy aims to take advantage of market conditions over time and is set to replace any previous repurchase programs that the company had in place.
Flexible Execution of Share Purchases
It's important to note that the program does not obligate Safe Bulkers to buy any specific number of shares. The company retains the flexibility to modify or halt the program as needed, ensuring its operations align with prevailing market conditions and investor needs.
Financial Resources and Compliance
Safe Bulkers plans to fund these repurchases using cash on hand. All purchases will be executed in full compliance with laws and regulations, adhering to the safe harbor provisions outlined in Regulation 10b-18 of the Securities Exchange Act of 1934.
About Safe Bulkers, Inc.
Safe Bulkers, Inc. is a prominent provider of marine drybulk transportation services. The company specializes in transporting essential commodities like coal, grain, and iron ore across global shipping routes. Safe Bulkers is publicly traded on the NYSE under the ticker symbol "SB," along with its Series C and Series D preferred stocks under "SB.PR.C" and "SB.PR.D" respectively.
Contact Information for Inquiries
For further inquiries, Dr. Loukas Barmparis, the President of Safe Bulkers, is available for contact. He can be reached by telephone at +30 2 111 888 400 or +357 25 887 200. For email communication, he is accessible at directors@safebulkers.com.
Shareholder Engagement and Future Outlook
This repurchase program signals Safe Bulkers' intention to foster strong relationships with its shareholders. The company is poised to explore future growth possibilities, including potential fleet expansions and charters, ensuring it remains competitive in the marine transportation sector.
Frequently Asked Questions
What is the purpose of the stock repurchase program?
The program aims to enhance shareholder value and respond to market conditions effectively.
How many shares can Safe Bulkers repurchase?
Safe Bulkers is authorized to repurchase up to 3 million shares of its common stock.
What financial resources will be used for stock repurchases?
The repurchases will be funded using the company's existing cash resources.
Is there an obligation to repurchase shares?
No, the program does not obligate the company to repurchase any specific number of shares.
How will the repurchases be executed?
All purchases will comply with applicable laws and regulations and will be conducted in the open market.