American Physicians Capital (ACAP) Approves 4-for-3 Stock Split; Adds Another $20M Authorization Under 10b5-1 Plan
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American Physicians Capital, Inc. (NASDAQ: ACAP) today announced that its Board of Directors has declared a four-for-three stock split of its common shares to shareholders of record as of the close of business on July 10, 2009. Shares resulting from the stock split are expected to be distributed to shareholders on July 31, 2009. Fractional shares will be settled in cash based on the average of the high and low sale prices per whole share reported on the NASDAQ National Market on the record date.
"This will be our second stock split since going public in December 2000," said President and Chief Executive Officer R. Kevin Clinton. "This action by our Board reflects the strong financial performance of the Company and our belief that we will continue along this profitable path into the future." The stock split will increase APCapital's common shares outstanding from approximately 8.1 million to approximately 10.8 million.
APCapital also announced today that it has completed its $20 million authorization approved on December 11, 2008 under its 10b5-1 stock repurchase plan, and the Company's Board of Directors approved another $20 million authorization under its 10b5-1 plan.
"We continued to take advantage of the volatile stock market during the first half of this year by repurchasing 794,500 shares as of yesterday under our share repurchase program at an average price of $40.61 per share," stated President and Chief Executive Officer R. Kevin Clinton. "We strive to maintain a flexible, but effective capital management strategy that delivers maximum returns to our shareholders. Our stock repurchase plan continues to be an integral part of our overall capital management strategy."
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