During Thursday’s Morning trade, Shares of Nordic American Tanker Ltd (NYSE:NAT), gained 0.40% to $15.10.
Nordic American Tankers Limited, declared that it has reached a contract to purchase 1,521,300 shares in Nordic American Offshore Ltd. (“NAO”), increasing the NAT shareholding in NAO from 4,496,980 to 6,018,280 shares or from 19.8% to 26.5% ownership, which was the NAT ownership in NAO when the latter company was established in the autumn of 2013 and listed on the Oslo OTC (over-the-counter) exchange. The NAO shares were bought in a private transaction effective November 12, 2015 at price of $6.25 per share, in total $9.5m. NAO has 22,729,797 shares outstanding.
NAO was listed on the New York Stock Exchange June 12, 2014 and owns now 10 platform supply vessels of which two are new buildings to be delivered in 2016. The NAO 3Q2015 earnings report was published November 9, 2015. NAO is fully financed up to early 2020.
NAT Chairman & CEO, Herb jorn Hansson, commented: “This transaction is an evidence of our belief in the NYSE listed Nordic American Offshore Ltd. which is built on the same planned principles as NAT.”
Nordic American Tankers Limited, a tanker company, engages in acquiring and chartering double-hull tankers. As of December 31, 2014, it owned 24 Suezmax crude oil tankers, counting two new buildings under construction.
Shares of Magna International Inc. (USA) (NYSE:MGA), declined -1.07% to $45.11, during its current trading session.
Magna International, declared that the Toronto Stock Exchange (“TSX”) had accepted its Notice of Intention to Make a Normal Course Issuer Bid (the “Notice”). Following the Notice, Magna may purchase up to 40,000,000 Magna Common Shares (the “Bid”), representing about 9.9% of its public float. As at November 3, 2015 Magna had 404,380,164 issued and outstanding Common Shares, counting a public float of 401,988,149 Common Shares. During the previous 12 months, Magna has purchased 12,044,890 Common Shares (after giving effect to the two-for-one stock split implemented by way of a stock dividend on March 25, 2015 ) following a normal course issuer bid at a weighted average purchase price of US$47.66 per Common Share.
The primary purposes of the Bid are purchases for cancellation, as well as purchases to fund Magna’s stock-based compensation awards or programs and/or Magna’s obligations to its deferred profit sharing plans. Magna may purchase its Common Shares, from time to time, if it believes that the market price of its Common Shares is attractive and that the purchase would be an appropriate use of corporate funds and in the best interests of the Corporation.
The Bid will commence on November 13, 2015 and will terminate no later than November 12, 2016 . All purchases of Common Shares under the Bid may be made on the TSX, at the market price at the time of purchase in accordance with the rules and policies of the TSX or on the New York Stock Exchange (“NYSE”) in compliance with Rule 10b-18 under the U.S. Securities Exchange Act of 1934. Purchases may also be made through alternative trading systems in Canada and/or the United States or by private agreement following an issuer bid exemption order issued by a securities regulatory authority. Purchases made by way of such private agreements under an issuer bid exemption order will be at a discount to the prevailing market price. The rules and policies of the TSX contain restrictions on the number of shares that can be purchased under the Bid, based on the average daily trading volumes of the Common Shares on the TSX. Similarly, the safe harbor conditions of Rule 10b-18 impose certain limitations on the number of shares that can be purchased on the NYSE per day. As a result of such restrictions, subject to certain exceptions for block purchases, the maximum number of shares which can be purchased per day during the Bid on the TSX is 259,621 based on 25% of the average daily trading volume for the preceding six months (being 1,038,487 Common Shares on the TSX). Subject to certain exceptions for block purchases, the maximum number of shares which can be purchased per day on the NYSE will be 25% of the average daily trading volume for the four calendar weeks preceding the date of purchase. Subject to regulatory requirements, the actual number of Common Shares purchased and the timing of such purchases, if any, will be determined by Magna having regard to future price movements and other factors. All purchases will be subject to Magna’s normal trading blackouts. Any purchases made during a blackout period will only be made following a pre-defined automatic securities purchase plan.
Magna International Inc. develops, manufactures, engineers, supplies, and sells automotive products. It operates through North America, Europe, Asia, and Rest of World segments. The company offers body and chassis systems, and related engineering services; seating systems, counting complete seating systems, seat structures and mechanisms, and foam and trim products; interior components and systems, such as garnish and hard trim, soft trim, instrument panels and consoles, overhead systems, and door panels, in addition to power train systems, such as driveline systems, fluid pressure and controls, metal forming solutions, and engineering services and system integration solutions.
Finally, Shares of Burlington Stores Inc (NYSE:BURL), gained 1.76%, and is now trading at $44.06.
Burlington Stores, will release its third quarter 2015 results before the U.S. stock market opens on Tuesday, November 24, 2015. The Company will also hold a conference call to discuss results at 8:30 a.m. (Eastern Time) that day.
Burlington Stores, Inc. operates as a retailer of branded apparel products in the United States. The company offers fashion-focused merchandise, counting women’s ready-to-wear apparel, menswear, youth apparel, baby products, footwear, accessories, home décor and gifts, and coats.
