03 December 2014
Initiates Programme to Repurchase Common Shares
(Singapore, 3 December 2014)
BW LPG Limited (“BW LPG”, the “Company”, OSE ticker code: “BWLPG”) announced today that its Board of Directors has resolved to initiate a share buy-back programme, under which it will purchase up to US$15 million (approximately NOK105 million, subject to foreign exchange rates) of its common shares.
The share buy-back programme will comprise up to 2.1 million common shares, representing up to 1.54% of the Company's issued share capital. The highest price to be paid per share will be NOK 50.00, but shall in no event exceed the prevailing market price at the Oslo Stock Exchange on the relevant trading day. The shares will be purchased from the open market as well as potentially through private offerings.
The share buy-back programme will commence on December 3, 2014 and will continue until and including December 22, 2014. The share buy-back programme is managed by SEB. The shares purchased will be held as Treasury Stock.
For further information, please contact:
Chief Financial Officer
BW LPG Limited
Tel: +65 6705 5506
ABOUT BW LPG
BW LPG is the world's largest very large gas carrier (VLGC) owner and operator based on number of VLGCs and by LPG carrying capacity. BW LPG owns and operates 36 gas carriers with a total carrying capacity of close to 3 million cbm and a further 588,000 cbm of capacity on order in Korea. With 35 years of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. BW LPG is associated with BW Group, one of the world's leading shipping groups. BW Group is involved in oil and gas transportation, floating gas infrastructure, environmental technologies and deep-water production.
This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.