Star Bulk Carriers Corp. (NASDAQ:SBLK) announced that its board of directors has approved a plan for the repurchase of up to an aggregate of $50 million of its Common Stock and Warrants which may be repurchased by the Company from time to time until December 31, 2008.
The plan calls for the repurchases of both Common Stock and Warrants to be made in open market or privately negotiated transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, subject to market and business conditions, applicable legal requirements and other factors. The plan will be implemented by the Company's management at its discretion. The plan calls for the repurchased shares and warrants to be retired as soon as practicable following the repurchase. The plan does not obligate the Company to purchase any particular number of shares, and may be suspended at any time at the Company's discretion in accordance with Rule 10b-18.
Akis Tsirigakis, President and CEO of Star Maritime commented: "Our plan to repurchase and retire a portion of our Common Stock and Warrants reaffirms our confidence and optimism in the long term future of the Company and is a testimony of our commitment to seek ways to increase shareholder value. We believe it is in the best interest of the Company and its stockholders to utilise the Company's healthy cash position and strong contracted revenue stream to repurchase a portion of the Company's Common Stock and Warrants at these levels."