Fairstar to Repurchase Up to 10 pct of its Outstanding Shares

Fairstar Heavy Transport N.V. (FAIR) announces a share repurchase program commencing today. Fairstar was given authority by its shareholders at the 2011 Annual General Meeting to repurchase up to ten percent of its outstanding shares. Under the terms of the Company’s bond loan agreement, Fairstar can repurchase shares so long as they are repurchased to satisfy the Company’s obligations under its employee option program.

Fairstar has to date issued a total of 1,200,000 options to employees. Under a previous share repurchase program Fairstar had repurchased 85,492 shares. This program was terminated at the close of business last Thursday.

 Ingmar den Blanken, Treasurer of Fairstar, “The price level of our shares is still at a level that provides us with a cost effective opportunity to satisfy our needs under our employee option plan. We have applied to the Oslo Stock Exchange to purchase up to 50% of the daily turnover for the calendar month prior to commencing this program today. The program will remain in effect for the next thirty days. ”

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Source: euroinvestor, October 3, 2011; Image: maritimecollectibles