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Tue 16 Dec 2008, 08:16 GMT

Aegean announces share repurchase program


Board approves repurchase of up to $25 million of the company's stock.

Aegean Marine Petroleum Network Inc. has announced that its Board of Directors has approved a share repurchase program for up to a total of $25 million of the company's common stock.

Commenting on the announcement, Aegean said "Share repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. The timing and amount of purchases under the program will be determined by management based upon market conditions and other factors."

The Board will review the program after a period of 12 months.

E. Nikolas Tavlarios, Aegean President, commented, "The adoption of a share repurchase program demonstrates the Board and management's confidence in Aegean and its strong fundamentals. Our solid financial position bodes well for the company to further execute its growth strategy and invest in accretive share repurchases while managing the fluctuation in fuel prices. By maintaining our commitment to growth while repurchasing shares of Aegean at attractive prices, we expect to build shareholder value over the near and long term."

The program does not require the company to purchase any specific number or amount of shares and may be suspended or reinstated at any time in the company's discretion and without notice.

Purchases will be subject to restrictions under Aegean's senior secured revolving credit facilities, the company said.

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