Teekay Tankers in Share Buyback Move

first_imgzoom Bermuda-based shipping company Teekay Tankers has announced a share repurchase program for the buyback of up to USD 45 million of the company’s shares. “During this period of weaker tanker rates, one of our key priorities remains strengthening our balance sheet by further reducing financial leverage and increasing liquidity,” Kevin Mackay, Teekay Tankers’ President and CEO, explained.“This program is being put in place as another lever to create shareholder value, allowing us to opportunistically take advantage of dislocations in the capital markets when we have excess capital,” Mackay added.As explained, shares may be repurchased in the open market at times and prices considered appropriate by the company. The timing of any purchases and the exact number of shares to be purchased under the program will be dependent on market conditions and other factors.What is more, Teekay Tankers has entered into a voting and support agreement with the company’s second largest shareholder after Teekay Corporation, Huber Capital Management. Under the deal, Huber Capital will vote its shares in favor of increasing the authorized number of Teekay Tankers’ Class A common shares at an upcoming special meeting of shareholders. This will permit the issuance of Class A common shares as consideration to complete the company’s proposed merger with Tanker Investments Ltd.Teekay Tankers currently owns a fleet of 39 double-hull tankers, including 20 Suezmax tankers, 12 Aframax tankers, and seven Long Range 2 (LR2) product tankers, and has three contracted time charter-in vessels. The company also owns a Very Large Crude Carrier (VLCC) through a 50 percent-owned joint venture.In addition, Teekay Tankers owns a ship-to-ship transfer business and a minority interest of over 11 percent in Tanker Investments, which currently owns a fleet of 18 modern tankers and in which Teekay Tankers has agreed to acquire the remaining ownership interest.last_img read more

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CDB Annual Meeting in TCI Integration Trade Growth

first_imgFacebook Twitter Google+LinkedInPinterestWhatsApp Related Items:#CDB47annualmeeting, #intergrationtradeandgrowth, #magneticmedianews Facebook Twitter Google+LinkedInPinterestWhatsAppTurks and Caicos, May 22, 2017 – Providenciales – The Caribbean Development Bank and its key members are in town and based on the agenda, there are some serious and potentially trans-formative discussions set to take place at this 47th annual session.  The CDB meeting agenda outlines topics designed to stave off weak economic growth in the Caribbean… consideration of how climate change will and is already impacting the region, what is really at risk…  how we can and must boost productivity within our countries… can we find something other than tourism as an economic driver… and getting to the nitty gritty of what may be wrong with the model for attracting foreign direct investment.  The meeting, where some 500 international delegates are expected to attend actually got started since yesterday with meetings largely headquartered at the Gus Lightbourne Gym.   Though the 47th AGM was originally announced by the former TCI government administration through then Finance Minister, Hon Washington Misick; chair of the sessions is recently elected Premier and new finance Minister, Hon Sharlene Robinson who extended welcome and said she anticipates the fruitful dialogue among regional colleagues which should see participants leaving feeling revitalized.  President of the CDB, Dr Warren Smith said the sessions are geared to reexamination so that “Members exploit their synergies and maximize the benefits of the regional agreement, while moving closer to the goal of inclusive growth and shared prosperity.”    The meetings is being held in the TCI for the second time with the 2017 theme being, “Integration, Trade & Growth.”#MagneticMediaNews#CDB47annualmeeting#intergrationtradeandgrowth Recommended for you CDB Annual Meeting in TCI:  Integration, Trade & Growthlast_img read more

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Rock Island Arsenal Fabricates White House Fence Spikes

first_img Dan Cohen AUTHOR Spikes now being installed on the White House fence to enhance security were manufactured at Rock Island Arsenal’s Joint Manufacturing and Technology Center.The “removable anti-climb feature consisting of sharp metal points” was designed by the U.S. Secret Service. Rock Island Arsenal, located on the Mississippi River between Iowa and Illinois, is the Army’s only full-scale metal manufacturer. Personnel from the Joint Manufacturing and Technology Center began helping to install the spikes last week. The work should be finished next month.The security enhancements are intended only as a temporary measure; the Secret Service and the National Park Service are developing a long-term design solution. The modifications are a response to an incident last year in which a man carrying a knife scaled the White House fence, ran across the North Lawn and entered the residence before being tackled by a Secret Service officer.To see the fencing being installed, watch a video from the Washington Post.last_img read more

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Back to School Festival for Baltimore County Students

first_imgKevin LilesKevin Liles’ For A Better Baltimore Foundation is sponsoring a Back to School Festival, noon to 4 p.m., at Security Square Mall in Baltimore County with the hopes of helping children focus on preparing for a new school year.The event, co-hosted by BCPS Superintendent Dr. Dallas Dance and Baltimore County Executive Kevin Kamenetz will feature educational games, free backpacks and school supplies, as well as live entertainment and free immunizations. This third annual Back to School Festival is an opportunity for school children of all ages to celebrate and prepare for the arrival of the new school year, which begins Aug. 27.The traditionally well-attended festival is open to all county students and will include a variety of community resources and children’s activities, as well as several surprise celebrity guests.For more information, visit http://www.lilesforbaltimore.org/.last_img read more

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