MCG Capital Corporation (MCGC) Announces $35 Million Buyback Plan
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MCG Capital Corporation (Nasdaq: MCGC) today announced that its Board of Directors had authorized a stock repurchase program of up to $35.0 million.
Under the program, MCG management is authorized to repurchase shares in open market transactions, including through block purchases, depending on prevailing market conditions and other factors. MCG intends to fund the repurchases through its available liquidity.
In announcing the stock repurchase program, Richard W. Neu, CEO of MCG, commented, “the MCG Board of Directors believes that adoption of a stock repurchase program provides us with an extremely effective tool to manage our unencumbered cash and overall capital position in our efforts to enhance stockholder value. As communicated after our third quarter earnings call, we look forward to providing further updates on our future business strategy, including management of our capital position, no later than our next earnings conference call which is anticipated to be on or around March 1.”
Under the program, MCG management is authorized to repurchase shares in open market transactions, including through block purchases, depending on prevailing market conditions and other factors. MCG intends to fund the repurchases through its available liquidity.
In announcing the stock repurchase program, Richard W. Neu, CEO of MCG, commented, “the MCG Board of Directors believes that adoption of a stock repurchase program provides us with an extremely effective tool to manage our unencumbered cash and overall capital position in our efforts to enhance stockholder value. As communicated after our third quarter earnings call, we look forward to providing further updates on our future business strategy, including management of our capital position, no later than our next earnings conference call which is anticipated to be on or around March 1.”
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