Ardmore Shipping Announces New $30 Million Share Repurchase Plan

Rhea-AI Summary

Ardmore Shipping Corporation (NYSE: ASC) announced a new Share Repurchase Plan allowing the purchase of up to $30 million of its common shares until September 30, 2023. This plan expands and replaces an earlier one, enabling Ardmore to repurchase shares at its discretion in the open market or through private transactions. The company continues to focus on developing a modern fleet of MR product and chemical tankers, aiming for strategic growth and efficiency in its operations.

Positive

• Authorization of a new $30 million share repurchase plan.
• Opportunity to enhance shareholder value through share buybacks.
• Focus on developing a modern, high-quality fleet of tankers.

Negative

• None.

HAMILTON, Bermuda, Sept. 29, 2020 /PRNewswire/ -- Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore" or the "Company") today announced that the Company's Board of Directors has authorized a new Share Repurchase Plan (the "New Plan"), expanding and replacing the Company's earlier plan.

Pursuant to the New Plan, Ardmore may purchase up to $30 million of the Company's common shares through to September 30, 2023, at times and prices that are considered to be appropriate by the Company. Ardmore expects to repurchase these shares in the open market or in privately negotiated transactions, but is not obligated under the terms of the plan to repurchase any shares, and at any time Ardmore may suspend, delay or discontinue the plan.

About Ardmore Shipping Corporation:

Ardmore owns and operates a fleet of MR product and chemical tankers ranging from 25,000 to 50,000 deadweight tonnes. Ardmore provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies, with its modern, fuel-efficient fleet of mid-size tankers.

Ardmore's core strategy is to continue to develop a modern, high-quality fleet of product and chemical tankers, build key long-term commercial relationships and maintain its cost advantage in assets, operations and overhead, while creating synergies and economies of scale as the Company grows. Ardmore provides its services to customers through voyage charters, commercial pools, and time charters, and enjoys close working relationships with key commercial and technical management partners.

Investor Relations Enquiries:

Mr. Leon Berman
The IGB Group
45 Broadway, Suite 1150
New York, NY 10006
Tel: 212-477-8438
Fax: 212-477-8636
Email: lberman@igbir.com

Or

Mr. Bryan Degnan
The IGB Group
Tel: 646-673-9701
Email: bdegnan@igbir.com

View original content:http://www.prnewswire.com/news-releases/ardmore-shipping-announces-new-30-million-share-repurchase-plan-301139386.html

SOURCE Ardmore Shipping Corporation

FAQ

What is the purpose of Ardmore Shipping's new share repurchase plan?

The purpose of Ardmore Shipping's new share repurchase plan is to authorize up to $30 million in stock buybacks, enhancing shareholder value.

When does the new share repurchase plan for ASC expire?

The new share repurchase plan for Ardmore Shipping (ASC) is effective until September 30, 2023.

How much is Ardmore Shipping authorized to repurchase under the new plan?

Ardmore Shipping is authorized to repurchase up to $30 million of its common shares under the new plan.

What type of transactions will Ardmore Shipping use for the share repurchase?

Ardmore Shipping may repurchase shares in the open market or in privately negotiated transactions under the new plan.

Can Ardmore Shipping suspend or discontinue the share repurchase plan?

Yes, Ardmore Shipping is not obligated to repurchase any shares and may suspend, delay, or discontinue the plan at any time.