TMCnet News
SunCoke Energy, Inc. Board of Directors Authorizes $150 Million Share Repurchase Program [Professional Services Close - Up](Professional Services Close - Up Via Acquire Media NewsEdge) On July 23, SunCoke Energy's Board of Directors authorized a new $150 million share repurchase program. According to the company, under this program, purchases may be made from time to time in the open market or in privately negotiated transactions. As part of the new $150 million program, we plan to enter into an accelerated share repurchase agreement for the buyback of $75 million of shares of common stock through November 2014. The final number of shares repurchased will be based on the volume-weighted average share price of our common stock during the term of the agreement. "2014 is proving to be a transformative year for SunCoke. In the first quarter, we embarked on a plan to drop down all of our domestic cokemaking assets to SunCoke Energy Partners over time and to exit our coal mining business. We believe these strategic steps, which move SXC toward a pure-play general partner, could unlock significant value for SXC shareholders and create a substantial stream of proceeds for SXC to reinvest for growth or distribute to shareholders," said Fritz Henderson, Chairman and CEO of SunCoke Energy, Inc. "In view of our current valuation, we believe a meaningful share repurchase program is the optimal first step as part of our overall capital allocation framework. With this initial action, we will repurchase SXC shares at an attractive valuation while maintaining our financial flexibility to fund major growth projects." SunCoke Energy is an independent producer of coke, supplying coke to the integrated steel industry. More information and complete details: suncoke.com ((Comments on this story may be sent to [email protected])) (c) 2014 ProQuest Information and Learning Company; All Rights Reserved. [ Back To TMCnet.com's Homepage ] |