Cruise ship operator Corp. & Plc (CCL,CUK), a unit of Carnival Group, announced Thursday that its wholly owned subsidiary, Carnival Investments Ltd., intends to offer as many as 25 million Carnival Plc common shares, listed on the London Stock Exchange. The company also said that it intends to repurchase U.S. shares using proceeds from the sale.
The company revealed that the sales of ordinary shares will be at intervals, whenever the Carnival Corp. common stock is trading at a discount to Carnival Plc shares.
Carnival said it intends to use the net proceeds from the offering to buy back Carnival Corp. common stock and to use any remaining amount for general corporate purposes.
The company added that the share sales and repurchase program will be run in concurrence with the earlier announced Carnival Plc share repurchase and Carnival Corp. stock issuance program, with only one of the programs operating at a time.
CCL is currently trading at $25.27, down $1.00 or 3.81%, on the NYSE.
CUK is currently trading at $26.27, down $1.03 or 3.77%, on the NYSE.
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