Teekay LNG approves $100 mln share repurchase

Teekay LNG approves $100 mln share repurchase,jpg
Image courtesy of Teekay

Teekay has approved a repurchase program to buy back $100 million of Teekay LNG common units in the open market or privately-negotiated transactions.

The partnership added that the proposal to allow Teekay LNG to elect to be treated as a corporation, instead of a partnership, for U.S. federal income tax purposes, was approved by unitholders.

As a result, effective January 1, 2019, Teekay LNG will be treated as a corporation for U.S. federal income tax purposes.

Teekay LNG will remain a master limited partnership, and all other provisions of the Partnership’s limited partnership agreement remain in effect.

Speaking of the decision Mark Kremin, president and CEO of Teekay Gas Group said, “We believe that Teekay LNG’s common units represent compelling value and repurchasing them is currently the best investment we can make as the unit price does not fully reflect the underlying value of our business.”

This repurchase program will enable the partnership to return some of the additional capital generated from the current strong LNG carrier market and early newbuilding deliveries, Kremin said.

Share this article

Follow LNG World News

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

LNG Pricing, Trading & Hedging: 3-Day Training Course – Singapore / Jan 2019

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools needed to:…

read more >

LNG Pricing, Trading & Hedging: 3-Day Training Course – London / Nov 2019

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools needed to:…

read more >

FLNG World Congress 2019

2019 FLNG World Congress will bring together stakeholders across the floating liquefaction value…

read more >

Budapest LNG Summit 2019

The Budapest LNG Summit is a niche event focused on the up and coming LNG region of Central & Eastern Europe (CEE).

read more >