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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Arlington Tankers Ltd | NYSE:ATB | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
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Arlington Tankers Ltd.
1 st Floor, The Hayward Building Hamilton, HM11 Bermuda Tel: (441) 292-4456 Fax: (441) 292-4258 |
| Attractive Dividend Target Supported by Contracted Revenue Stream: The combined company will have an initial cash target dividend of $2.00 per share annually, which is supported by the contracted revenue stream. The $2.00 per share target dividend of the combined company approximately equals Arlingtons expected stand-alone dividend for 2009 and exceeds the expected dividend in 2010 and beyond, when taking into account such factors as expected |
revenue decreases, cost increases and the refinancing of Arlingtons current $229.5 million non-amortizing credit facility. |
| Partial Dividend Payout Strategy that Retains Capital for Growth: The $2.00 per share target dividend is based on a partial dividend payout strategy, which provides the combined company with financial and operational flexibility. This is a benefit that Arlington shareholders do not currently have under Arlingtons 100% dividend payout structure and would enable the combined company to pursue opportunities to achieve long-term fleet, cash flow and dividend growth. |
| Earnings and Cash Flow Stability: The combined company will utilize a balanced chartering approach, deploying its vessels between spot market voyage charters and time charters seeking to both maximize long-term cash flow and achieve a level of stability in results. The combined company will have $450 million of revenue contracted on time charters from 2009 through 2013 including $247 million on time charters in 2009 alone. |
| Young and Diverse Fleet: Following the merger, the combined company will have a young and diverse fleet of 31 vessels with an average age of eight years and a presence in both crude and product segments. The fleet is expected to consist of 25 oil tankers, four product tankers and two tankers that can be used for transporting both crude and refined products. |
| Cash Cost Savings: The combined company expects to achieve an estimated $7.5 million in cash cost savings during the first full year of operations following the merger. |
| Experienced Management Team: Headquartered in New York, the combined company will have a management team that has had extensive experience in operating shipping companies and in consolidations. This team has returned over $1 billion to General Maritimes shareholders since May 2005. The merged Company will be overseen by an experienced seven member Board, with a majority of independent members, including one current Arlington Tankers Board member. |
| Stronger Platform for Long-term Dividend and Fleet Growth: The combined company intends to draw upon its moderate leverage, ample liquidity, and the past consolidation experience of its management team to pursue growth opportunities. In addition, the combined company will seek opportunities to grow its dividend over the long-term from the current target of $2.00 per share per year. |
/s/ Edward Terino | ||||
Edward Terino | ||||
Chief Executive Officer, President and Chief Financial Officer Arlington Tankers Ltd. | ||||
1 Year Arlington Tankers Chart |
1 Month Arlington Tankers Chart |
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