Discover the latest share repurchase programs from companies in different sectors and learn how they demonstrate their commitment to creating value for shareholders - April 16
Euro Tech Holdings Company Limited (CLWT) recently authorized a stock buyback program of up to 230,000 of its issued and outstanding ordinary shares for a maximum purchase price of $300,000. The board of directors believes that the current stock price does not reflect Euro Tech Holdings's potential for future growth, which is why they have approved this buyback program. They will have the flexibility to repurchase shares in the open market or through negotiated transactions over the next 12 months. With a high degree of confidence in Euro Tech Holdings's future, the board sees this as an opportunity to increase shareholder value, especially since the current stock price is much lower than Euro Tech Holdings's net asset value per share.
ContextLogic Inc., trading as Wish (NASDAQ: WISH), one of the world’s largest mobile ecommerce platforms, has approved a share repurchase program. The Board of Directors has authorized the repurchase of up to $50 million of its Class A common stock. ContextLogic believes that the current macroeconomic environment and its balance sheet's strength present an attractive buying opportunity for its stock. This share repurchase program is aimed at demonstrating the board and management's confidence in ContextLogic's future and its commitment to creating long-term, sustainable value for shareholders. The repurchase program will be effective until December 31, 2023, and the manner, timing, and amount of any purchase will be based on various considerations. Wish may repurchase shares through open market purchases, privately negotiated transactions, or other means in accordance with applicable securities laws and restrictions. The program does not obligate ContextLogic to purchase any particular number of shares and may be suspended, terminated, or modified at any time for any reason.
Peabody Energy, a leading coal producer, announced that its Board of Directors approved a new shareholder return framework that includes a share repurchase plan, a fixed quarterly cash dividend, and a variable quarterly cash dividend component. Peabody authorized a new share repurchase program of up to $1.0 billion of BTU common stock, in addition to a regular quarterly cash dividend of $0.075 per share. Peabody plans to return to shareholders at least 65 percent of annual Available Free Cash Flow (AFCF) retroactive to January 1, 2023, while reinvesting in its long-term future and maintaining a strong balance sheet. The stock buyback program is expected to launch in the second quarter of 2023, following Peabody's announcement of first-quarter earnings. The recent amendment of the surety agreement established a combined collateral limit of $722 million, removed all restrictions on shareholder returns, and extended the agreement through December 31, 2026, contributing to the stock buyback authorization.
Cango Inc. has announced a new share repurchase program, which authorizes Cango to repurchase up to US$50 million worth of its outstanding American depositary shares (ADSs) and/or Class A ordinary shares over the next 12 months starting from April 25, 2023. Cango plans to fund the repurchases from its existing cash balance. This move comes after Cango announced an existing share repurchase program in April 2022, under which Cango had already repurchased 2,794,557 ADSs with cash in the aggregate amount of approximately US$5.7 million up to April 17, 2023. Cango may make proposed repurchases on the open market, privately negotiated transactions, in block trades and/or through other legally permissible means.
Griffon Corporation announced that its Board of Directors unanimously decided to conclude its review of strategic alternatives and determined that the ongoing execution of Griffon’s strategic plan is the best way to maximize value for shareholders at this time. The Griffon Board also approved two actions to return additional capital to shareholders, increasing its share repurchase authorization to $258 million from the prior unused authorization of $58 million, and declaring a special cash dividend of $2.00 per share, payable on May 19, 2023. Griffon initiated the strategic alternatives process in January 2022, but after evaluating a comprehensive range of alternatives including a possible sale, merger, divestiture, and recapitalization, the Board concluded that none of the proposals received reflect the intrinsic value and strong operating performance of the business. Griffon's Chairman and CEO, Ronald J. Kramer, stated that the special dividend announced demonstrates their commitment to providing immediate value to their shareholders and reflects the confidence of Griffon's Board and management regarding their outlook. They plan to use excess cash to further reduce debt and believe that their best days are ahead of them.
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