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Thursday, 25 September 2014 23:02

Pittas joins buyback boys

Aristides Pittas-backed Euroseas has launched a share buyback programme in a bid to boost its stock price.

Nasdaq-listed Euroseas has been given board approval to repurchase $5m worth of stock, it announced today.

Pittas explained: "We believe that our stock represents one of the most attractive investment opportunities available to shipping investors as it trades significantly below its net asset value.”

Euroseas has not set any price restrictions on the programme, which will be reviewed in 12 months time.

The bulker owner’s shares were trading at $1.11 each today, valuing the company at around $63.4m.

The price is just a penny from the 52 week low and some way from the $1.74 per share peak of the past year.

Share buybacks have been in vogue in recent months with Scorpio Tankers, AP Moller-Maersk and Frontline 2012 among the big names to take part in the fashion.

Euroseas had cash of $46.4m at the end of the first half in which it posted a net loss of $5m.




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