UPDATE: Apollo Investment Corp. (AINV) Adds $100M to Stock Buyback Program
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(Updated - September 15, 2016 5:04 PM EDT)
Apollo Investment Corporation (Nasdaq: AINV) announced that its Board of Directors has expanded the Company’s stock repurchase program by $50 million to $150 million. As of the close of business today and since the inception of the stock repurchase program, the Company has repurchased approximately $86.2 million of common stock. The Company’s common shares outstanding as of the close of business today were approximately 222.1 million, a reduction of approximately 6.2% as a result of stock repurchases.
Mr. James Zelter, Apollo Investment’s Chief Executive Officer, commented, “We are pleased to expand our share repurchase program which we consider to be a key component of our strategy to deliver value to our shareholders.”
Under the stock repurchase program, the Company may, but is not obligated to, repurchase its outstanding common stock in the open market from time to time provided that the Company complies with the prohibitions under its insider trading policies and the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended, (“the Exchange Act”), including certain price, market volume and timing constraints. The Company intends to allocate a portion of the authorized amounts under the stock repurchase program to be repurchased in accordance with Rule 10b5-1 of the Exchange Act (the “10b5-1 Plan”). The stock repurchase program and the 10b5-1 Plan are designed to allow the Company to repurchase its shares both during its open window periods and at times when it otherwise might be prevented from doing so under applicable insider trading laws or because of self-imposed trading blackout periods. The stock repurchase program does not have an expiration date and may continue to be modified or discontinued at any time.
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