Seanergy Announces Share Repurchase Plan
August 11 2021 - 9:00AM
Seanergy
Announces Share
Repurchase Plan
August
11,
2021 -
Glyfada, Greece - Seanergy
Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ:
SHIP) announced today that its Board of Directors has authorized a
share repurchase plan (the “Plan”). Under the Plan, the Company may
repurchase up to $17 million of its outstanding common shares,
representing approximately 10% of the Company’s market
capitalization as of August 10, 2021.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“We believe that the share price and the market
value of Seanergy are currently significantly undervalued both in
terms of the underlying asset or equity value of the Company, and
also in terms of our solid ability to generate earnings in the
current market environment. Considering this, we feel that a share
buyback is the correct and well-timed capital allocation
decision.
By using our strong balance sheet and our
fleet’s robust cash-flow generating capacity to reduce the number
of outstanding common shares, we can increase stockholder value,
while maintaining sufficient liquidity reserves to take advantage
of attractive market opportunities.”
The Company may repurchase common shares in
open-market transactions pursuant to Rule 10b-18 of the Securities
Exchange Act of 1934, as amended, or pursuant to a trading plan
adopted in accordance with Rule 10b5‐1 of the Securities Exchange
Act of 1934.
Any repurchases pursuant to the Plan will be
made at management’s discretion at prices considered to be
attractive and in the best interests of both the Company and its
shareholders, subject to the availability of stock, general market
conditions, the trading price of the stock, alternative uses for
capital, applicable securities laws and the Company’s financial
performance. The Plan may be suspended, terminated, or modified at
any time for any reason, including market conditions, the cost of
repurchasing shares, the availability of alternative investment
opportunities, liquidity, and other factors deemed appropriate.
These factors may also affect the timing and amount of share
repurchases. The Plan does not obligate the Company to purchase any
of its shares. The Board of Directors’ authorization of the Plan is
effective immediately and expires on December 31, 2022.
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is the only
pure-play Capesize ship-owner publicly listed in the US. Seanergy
provides marine dry bulk transportation services through a modern
fleet of Capesize vessels. On a fully-delivered basis and following
the sale of M/V Leadership, the Company's operating fleet will
consist of 16 Capesize vessels with an average age of 11.4 years
and aggregate cargo carrying capacity of approximately 2,829,631
dwt.
The Company is incorporated in the Marshall
Islands and has executive offices in Glyfada, Greece. The Company's
common shares trade on the Nasdaq Capital Market under the symbol
“SHIP”, its Class A warrants under “SHIPW” and its Class B warrants
under “SHIPZ”.
Please visit our company website at:
www.seanergymaritime.com.
Forward-Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events. Words such as "may",
"should", "expects", "intends", "plans", "believes", "anticipates",
"hopes", "estimates" and variations of such words and similar
expressions are intended to identify forward-looking statements.
These statements involve known and unknown risks and are based upon
a number of assumptions and estimates, which are inherently subject
to significant uncertainties and contingencies, many of which are
beyond the control of the Company. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, the Company's operating
or financial results; the Company's liquidity, including its
ability to service its indebtedness; competitive factors in the
market in which the Company operates; shipping industry trends,
including charter rates, vessel values and factors affecting vessel
supply and demand; future, pending or recent acquisitions and
dispositions, business strategy, areas of possible expansion or
contraction, and expected capital spending or operating expenses;
risks associated with operations outside the United States; risks
associated with the length and severity of the ongoing novel
coronavirus (COVID-19) outbreak, including its effects on demand
for dry bulk products and the transportation thereof; and other
factors listed from time to time in the Company's filings with the
SEC, including its most recent annual report on Form 20-F. The
Company's filings can be obtained free of charge on the SEC's
website at www.sec.gov. Except to the extent required by law, the
Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
For further information please contact:
Seanergy Investor RelationsTel: +30 213 0181 522E-mail:
ir@seanergy.gr
Capital Link, Inc.Daniela Guerrero230 Park Avenue Suite 1536New
York, NY 10169Tel: (212) 661-7566E-mail:
seanergy@capitallink.com
- Entire Press Release here
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