Promises Kept

At the Morgan Stanley conference last month, Robert Bugbee of Scorpio Tankers spoke of the importance of maximizing shareholder returns. In his presentation, free cash flow can be used to acquire assets, for share buy backs or to pay dividends. Last Friday, Scorpio’s board of directors authorized a $20 million share buy back program, with the goal of purchasing these shares in the open market at prices considered to be appropriate. Scorpio surely is walking the talk.

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