J. M. Smucker (SJM) Enters 3M Buyback Plan Under Rule 10b5-1
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On February 21, 2012, The J. M. Smucker Company (NYSE: SJM) entered into a share repurchase plan established in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, in connection with the 10 million common shares authorized for repurchase by the Company’s Board of Directors since January 2011. A Rule 10b5-1 plan allows a company to repurchase its shares at times when it otherwise might be unable to do so under the Exchange Act’s insider trading rules or during self-imposed trading blackout periods.
The Plan will facilitate purchases of the Company’s common shares under its authorized share repurchase program. Under the repurchase program, the Company has repurchased approximately 3.1 million common shares since January 2011 and, therefore, the Company has remaining authorization to repurchase approximately 6.9 million common shares as of February 21, 2012.
The Company’s designated broker will have authority under the Plan to repurchase up to 3 million of the remaining 6.9 million common shares authorized for repurchase commencing on February 22, 2012 and expiring on August 22, 2012, unless terminated earlier in accordance with the terms of the Plan.
Repurchases under the Plan will be subject to specified parameters and certain price and volume restraints as established in the Plan. Therefore, there is no guarantee as to the exact number of common shares that will be repurchased or that there will be any repurchases at all pursuant to the Plan. Any repurchased shares will be held in treasury.
The Plan will facilitate purchases of the Company’s common shares under its authorized share repurchase program. Under the repurchase program, the Company has repurchased approximately 3.1 million common shares since January 2011 and, therefore, the Company has remaining authorization to repurchase approximately 6.9 million common shares as of February 21, 2012.
The Company’s designated broker will have authority under the Plan to repurchase up to 3 million of the remaining 6.9 million common shares authorized for repurchase commencing on February 22, 2012 and expiring on August 22, 2012, unless terminated earlier in accordance with the terms of the Plan.
Repurchases under the Plan will be subject to specified parameters and certain price and volume restraints as established in the Plan. Therefore, there is no guarantee as to the exact number of common shares that will be repurchased or that there will be any repurchases at all pursuant to the Plan. Any repurchased shares will be held in treasury.
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