The board of NASDAQ-listed Golar LNG Partners has authorised a repurchase programme in which the partnership may spend up to $25m in buying back its outstanding common units.
Any common units repurchased by the partnership under the programme will be cancelled, the company said today.
Before markets opened in the US today, Golar’s stock was trading at $8.66 per share, which would buy 288,683 shares or 0.67% of the 45.66m outstanding common units.
The stock will be bought back at Golar’s discretion in the open market or in privately negotiated transactions during periods “where the Partnership is not aware of material inside information that would likely affect a seller’s decision to sell”, a statement said.
Golar LNG Partners today stated it has not experienced any material changes in its operations since posting its third-quarter 2015 financial results in November.
The partnership’s distribution policy also remains unchanged and Golar management expects to recommend an unchanged cash distribution of $0.5775 per unit during the fourth quarter 2015. The board will meet in January 2016 to determine the distribution.