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TOP Tankers (TOPT Quote) jumped more than 18% after the company reached a deal to sell 13 vessels and disclosed plans to pay a special dividend to shareholders.
The tanker operator will sell the vessels for about $550 million and immediately lease them back for five to seven years. TOP expects net cash proceeds of roughly $240 million. The book gain will be roughly $90 million.
TOP said a $5-a-share special dividend will be payable March 27 to shareholders of record March 22. The company expects to declare an additional special dividend of $2.50 toward the end of the month. Shares of TOP were up $2.58 to $16.40. ...
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