Company: CMRE-PC
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001140361-25-005199
Chunk: 145

Company: Costamare Inc.
Filing Date: 2025-02-20
Form: 20-F
Item: Item 5
Chunk 145
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 Financial Information—A. Consolidated Statements and Other Financial Information”.
 

On July 6, 2016, we implemented the Dividend Reinvestment Plan and registered 30 million shares for issuance under the Dividend Reinvestment Plan. The Dividend Reinvestment Plan offers holders of our common stock the opportunity to purchase additional shares by having their cash dividends automatically reinvested in our common stock. Participation in the Dividend Reinvestment Plan is optional, and shareholders who decide not to participate in the Dividend Reinvestment Plan will continue to receive cash dividends, as declared and paid in the usual manner. On February 7, 2024, May 6, 2024, August 6, 2024, November 6, 2024 and February 6, 2025, we issued 420,178 shares, 369,223 shares, 185,758 shares, 6,251 shares and 7,056 shares, respectively, pursuant to the Dividend Reinvestment Plan. Our Chairman and CEO, Konstantinos Konstantakopoulos, reinvested all his cash dividends on the aforementioned dates until August 6, 2024, after which Mr. Konstantakopoulos terminated his participation in the Dividend Reinvestment Plan.
 
On November 30, 2021, the Board of Directors approved a share repurchase program authorizing total repurchases of us to a maximum of $150 million of our common shares and up to $150 million of our preferred shares. Shares may be purchased from time to time in open market or privately negotiated transactions, or other financial arrangements at times and prices that are considered to be appropriate by the Company. The program may be suspended or discontinued at any time. During the year ended December 31, 2023, the Company acquired 6,267,808 common shares for a total amount of $60.0 million, with the average purchase price of $9.57 per share. During the year ended December 31, 2024, the Company did not acquire any common shares. See “Item 16.E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers”.
 
Working Capital Position
 
We have historically financed our capital requirements with cash flow from operations, equity contributions from stockholders and long-term financing in the form of bank debt, unsecured bond loans or sale and leaseback transactions. Our main uses of funds have been capital expenditures for the acquisition of new vessels, for fleet renewal or expansion, expenditures incurred in