Golar LNG has bought back 500,000 shares from its total return swap (TRS) agreement, reducing its holding under the programme from contracts for 3.5m shares to 3m shares. The newly acquired stock will be used as treasury shares.
“The company has been reserving cash as collateral against its TRS agreements and the cash cost of unwinding the forward contract in respect of these 500,000 shares was substantially funded by a corresponding release from the cash collateral,” Golar commented today.
The NASDAQ-listed company did not disclose what it paid for the treasury shares, but a tranche of 500,000 Golar shares is worth around $8.24m at the current share price of $16.48.
After the transaction, Golar’s number of outstanding shares now stands at 93,046,663, excluding treasury shares.
