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OMI repurchases over 3m shares.
(From Lloyds List)
US TANKER operator OMI has repurchased almost 3.5m of its own shares with part of the proceeds of a $225m convertible bond issue, writes Tony Gray.
The company has repurchased 3.45m shares for $72.5m, or $20.98 per share. OMI bought the shares in privately negotiated transactions from purchasers of the bonds who were short-selling the company's stock.
The company said it may acquire further shares under its authority to use up to 40% of the offering's gross proceeds for that purpose.
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