Golar LNG Partners L.P. Common Unit Repurchase Program
December 04 2018 - 9:01AM
HAMILTON, BERMUDA- Despite a positive initial response to the
October 24, 2018 distribution cut, the Board of Golar LNG Partners
L.P. (the "Partnership"; NASDAQ: GMLP) believes that the current
unit price does not reflect the underlying value of the business,
its prospects or the sustainability of the new distribution. Given
the current yield of approximately 13%, unit repurchases also
represent an attractive rate of return on the Partnership's surplus
cash. The Board has therefore authorized an increase to the common
unit repurchase program announced in March 2018, from $25 million
to $50 million. This facility will remain available until March
2020. Under the terms of the repurchase program, the Partnership
may repurchase common units from time to time, at the Partnership's
discretion, on the open market or in privately negotiated
transactions. Any repurchases are subject to market conditions,
applicable legal requirements and other considerations. Common
units will be purchased only during periods where the Partnership
is not aware of material inside information that would likely
affect a seller's decision to sell. The Partnership is not
obligated under the repurchase program to repurchase any specific
dollar amount or number of common units, and the repurchase program
may be modified, suspended or discontinued at any time. Any common
units repurchased by the Partnership under the program will be
cancelled.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements
concerning future events and the Partnership's operations,
performance and financial condition. Forward-looking
statements include, without limitation, any statement that may
predict, forecast, indicate or imply future results, performance or
achievements, and may contain the words "believe", "anticipate",
"expect", "estimate", "project", "will be", "will continue", "will
likely result", "plan", "intend" or words or phrases of similar
meanings. Such statements are generally not historical in nature
and specifically include statements about the Partnership's plans,
strategies, business prospects and changes and trends in the
business in which it operates. In particular, statements
regarding the Partnership's cash distributions and common unit
repurchase plan are considered forward looking statements. These
statements involve known and unknown risks and are based upon a
number of assumptions and estimates that are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the Partnership's control. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. New factors emerge from time to time, and it is not
possible for the Partnership to predict all of these factors.
Further, the Partnership cannot assess the impact of each such
factor on its business or the extent to which any factor, or
combination of factors, may cause actual results to be materially
different from those contained in any forward-looking statement.
The Partnership does not intend to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Partnership's expectations with respect
thereto or any change in events, conditions or circumstances on
which any such statement is based.
Hamilton, BermudaDecember 4, 2018Investor relations
enquiries:Golar Management Limited - +44 207 063 7900Brian
TienzoStuart Buchanan
This information is subject of the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
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