NEW YORK, Aug. 17, 2016 /PRNewswire/ -- Aegean Marine
Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company")
today announced that an independent committee of the Company's
Board of Directors has authorized the repurchase of the
11,303,031 million shares currently owned by Aegean founder
Dimitris Melissanidis.
Under the terms of the authorization, the Company will
repurchase the shares at a price of $8.81 per share, based on the close of trading on
August 16, 2016. The total repurchase
represents approximately 22% of Aegean's shares outstanding.
In connection with this announcement, Mr. Melissanidis will step
down from his role as Head of Corporate Development at Aegean,
effective immediately. He will continue as a consultant to the
Company to provide guidance to management and ensure a seamless
transition.
"As Aegean's founder and a pioneer in the bunkering industry, we
thank Dimitris for his extraordinary leadership and dedication to
the Company since its inception more than 21 years ago," said
E. Nikolas Tavlarios, Aegean's
President. "We have a strong team in place to continue executing on
our strategy, serving our customers, and creating value for our
shareholders. We are pleased that Dimitris will remain involved
with Aegean as a consultant and continue to provide valuable
guidance."
"I am honored to have played a role in Aegean's evolution, and I
am proud that today the Company is a dynamic leader in the maritime
shipping and bunkering industries," said Mr. Melissanidis. "I look
forward to continuing to work closely with the leadership team as
an advisor and to watching Aegean continue on its trajectory of
growth and success."
"We believe this sizeable repurchase of the Company's shares
underscores the Board's confidence in Aegean's prospects, and will
provide meaningful and immediate earnings accretion for all Aegean
shareholders," continued Mr. Tavlarios. "We are fortunate to have a
solid balance sheet and strong free cash flow, which provide us the
opportunity to repurchase shares while continuing to invest in our
business to drive continued growth and shareholder value."
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine
fuel logistics company that markets and physically supplies refined
marine fuel and lubricants to ships in port and at sea. The Company
procures product from various sources (such as refineries, oil
producers, and traders) and resells it to a diverse group of
customers across all major commercial shipping sectors and leading
cruise lines. Currently, Aegean has a global presence in over than
30 markets and a team of professionals ready to serve our customers
wherever they are around the globe. For additional information
please visit: www.ampni.com
Cautionary Statement Regarding Forward-Looking
Statements
Matters discussed in this press release may constitute
forward-looking statements. The Private Securities Litigation
Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and is including this cautionary statement in connection with this
safe harbor legislation. The words "believe," "intend,"
"anticipate," "estimate," "project," "forecast," "plan,"
"potential," "may," "should," "expect" and similar expressions
identify forward-looking statements. The forward-looking statements
in this press release are based upon various assumptions, many of
which are based, in turn, upon further assumptions, including
without limitation, our management's examination of historical
operating trends, data contained in our records and other data
available from third parties. Although we believe that these
assumptions were reasonable when made, because these assumptions
are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors
that, in our view, could cause actual results to differ materially
from those discussed in the forward-looking statements include our
ability to manage growth, our ability to successfully consummate,
integrate and realize the expected benefits from acquisitions, our
ability to successfully consummate proposed transactions, our
ability to maintain our business in light of our proposed business
and location expansion, our ability to obtain double hull
secondhand bunkering tankers, the outcome of legal, tax or
regulatory proceedings to which we may become a party, adverse
conditions in the shipping or the marine fuel supply industries,
our ability to retain our key suppliers and key customers, material
disruptions in the availability or supply of crude oil or refined
petroleum products, changes in the market price of petroleum,
including the volatility of spot pricing, increased levels of
competition, compliance or lack of compliance with various
environmental and other applicable laws and regulations, our
ability to collect accounts receivable, changes in the political,
economic or regulatory conditions in the markets in which we
operate, and the world in general, our failure to hedge certain
financial risks associated with our business, our ability to
maintain our current tax treatments and our failure to comply with
restrictions in our credit agreements, our ability to attract and
retain senior management and other key employees, and other
factors. Please see our filings with the U.S. Securities and
Exchange Commission for a more complete discussion of these and
other risks and uncertainties. We undertake no obligation to update
any forward-looking statement to reflect events or circumstances
after the date on which such statement is made or to reflect the
occurrence of unanticipated events, except as otherwise required by
applicable law.
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SOURCE Aegean Marine Petroleum Network Inc.