Dynex Capital (DX) Approves $50M Buyback Plan

November 12, 2012 9:30 AM EST
Dynex Capital, Inc. (NYSE: DX) announced that its Board of Directors has authorized the repurchase of up to $50 million of its outstanding shares of common stock through December 31, 2014. The Company will only repurchase shares when the repurchase price per share is less than the Company’s estimate of the current net book value of a share of common stock. When Dynex purchases its stock at a discount to book value, it increases the per share book value of the remaining shares.

As part of the share repurchase program, shares may be purchased in open market transactions, including through block purchases, through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 (the “Exchange Act”). The timing, manner, price and amount of any repurchases will be determined in the Company’s discretion and the share repurchase program may be suspended, terminated or modified at any time for any reason. The repurchase program does not obligate the Company to acquire any specific number of shares, and all open market repurchases will be made in accordance with Exchange Act Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of open market stock repurchases.

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