Flotek (FTK) Ends Lending Agreement w/ JPMorgan; Receives 2.44M Shares Back
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Flotek Industries, Inc. (NYSE: FTK) has terminated the Share Lending Agreement (the "Agreement") between the Company and J.P. Morgan Markets Limited ("J.P. Morgan," formerly known as Bear, Stearns International Limited). The Agreement, entered into in February, 2008, was entered into in conjunction with the offering of $115 million in Convertible Notes by the Company.
As a result, J.P. Morgan has returned an additional 2,439,558 shares of common stock to the Flotek treasury which have been removed from the public float. In total, since the Company began reducing the amount of convertible notes outstanding in 2010, J.P. Morgan has returned all 3.8 million shares lent under the Agreement. All shares will remain in Flotek's treasury and will be removed from the shares outstanding. Due to the nature of the lending agreement, the shares were not used in the calculation of Flotek's earnings per share.
The return of the borrowed shares is the result of Flotek's repurchase of approximately $50.3 million of its Convertible Notes previously announced on December 31, 2012.
As a result, J.P. Morgan has returned an additional 2,439,558 shares of common stock to the Flotek treasury which have been removed from the public float. In total, since the Company began reducing the amount of convertible notes outstanding in 2010, J.P. Morgan has returned all 3.8 million shares lent under the Agreement. All shares will remain in Flotek's treasury and will be removed from the shares outstanding. Due to the nature of the lending agreement, the shares were not used in the calculation of Flotek's earnings per share.
The return of the borrowed shares is the result of Flotek's repurchase of approximately $50.3 million of its Convertible Notes previously announced on December 31, 2012.
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