Newtek Business Services (NEWT) Approves 200k Share Common Stock Buyback Program
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Newtek Business Services Corp., (Nasdaq: NEWT) announced that its board of directors approved a repurchase program (the “Program”) under which the Company may repurchase up to 200,000 shares (the “Shares”) of its common stock, which represents approximately 1.4% of the outstanding shares of common stock, par value $0.02, of the Company, as of September 30, 2016 (the “Common Stock”). The repurchases shall be effected through open market purchases, including block purchases, in such manner as will comply with the provisions of the Investment Company Act of 1940, as amended and the Securities Exchange Act of 1934, as amended (the “1934 Act”). Unless extended or terminated by its board of directors, the Company anticipates that the termination date for this new repurchase program will be on May 21, 2017. The Company expects to finance the repurchases with existing capital and the repurchased Shares will be designated as authorized but unissued Common Stock. In addition, the Company will continuously evaluate alternate and strategic uses of its capital depending on, among other things, the fair value of Newtek’s Common Stock and the other available capital deployment opportunities.
Under the Program, purchases may be made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the 1934 Act. The extent to which the Company repurchases its Shares, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations, as determined by Newtek’s management team. The repurchase program may be suspended or discontinued at any time.
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