Aegion (AEGN) Approves $40M Buyback Program
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Aegion Corporation (Nasdaq Global Select Market: AEGN) today announced that last month its Board of Directors authorized a new program to repurchase up to $40.0 million of the Company’s common stock in 2017. The new repurchase program will begin the first trading day of 2017. The Company is currently executing a $10.0 million repurchase program that will expire on December 31, 2016 or, if earlier, upon the exhaustion of the $10.0 million authorization.
Aegion will effect the new $40.0 million repurchase program through one or more trading plans established in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. Rule 10b5-1 permits Aegion’s designated broker to continue to purchase shares on Aegion’s behalf even during periods when Aegion is in possession of undisclosed earnings or other material, non-public information about the Company pursuant to pre-arranged parameters instituted during an open window period. Share repurchases can be made on the open market or otherwise. The new repurchase program will expire on December 31, 2017 or, if earlier, upon the repurchase of $40.0 million of the Company’s stock under the new repurchase program.
Charles R. Gordon, President and Chief Executive Officer of Aegion, said, “This share repurchase program reflects the Company’s strong cash position and our continued commitment to utilize excess cash to enhance stockholder value when there is opportunity to repurchase shares at prices we believe are attractive.”
The new stock repurchase program will be effected in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, which includes certain restrictions including one with respect to the number of shares that may be purchased in a single day (subject to certain exceptions for block purchases) based on the average daily trading volume of the Company’s shares on the Nasdaq Global Select Market during the four calendar weeks preceding the week in which a purchase is to be effected.
As required under the federal securities laws, Aegion will report in each of its quarterly reports and in its annual report repurchases of shares by month for the most recently completed quarter, including the average prices paid and the approximate dollar value of the shares yet to be purchased under the program.
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