Navigator Gas plans to buy back half of a 7 million-share sale

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Navigator Gas (NYSE: NVGS) announced a secondary public offering by selling shareholder BW Group of 7 million shares, alongside a concurrent repurchase of 3.5 million shares by Navigator Gas at the public offering price. The company will not receive proceeds from the secondary offering, with the repurchase expected to be funded by cash on hand and conditioned on the offering’s completion. Despite previous similar transactions leading to positive market reactions, this announcement saw NVGS decline by 6.21%.

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