Scorpio Tankers has spent $18m in share buy-back scheme so far

Scorpio Tankers has spent $18m in share buy-back scheme so far

Scorpio Tankers has spent close to $18m so far this month in repurchasing its common stock, as part of its plan to spend up to $250m buying back its shares.

The company has this month purchased 1,716,155 of its common shares in the open market at an average price of $10.48 per share, spending around $17.99m in total.

Since the company announced the buy-back scheme in May, Scorpio Tankers has repurchased 1,986,504 of its common shares in total at an average price of $10.42 per share. These will be held as treasury shares, the company said.

Scorpio has also acquired its convertible senior notes due 2019, which have a face value of $1.5m, at an average price of $1,088.10 per $1,000 principal amount.

The NYSE-listed company still has $227.6m remaining to spend on the scheme.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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