L & L Energy (LLEN) Announces $10M Buyback
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L & L Energy, Inc. (Nasdaq: LLEN) reports that over the next 12 months the Company plans to begin a discretionary stock buyback program, purchasing up to $10 million of outstanding LLEN shares from the open market.
On May 18, 2012, LLEN shares closed at $1.38 representing an approximate 52% reduction in the Company's market value since April 5, 2012. During the same period, the Company's strategy and growth remains on track and the Company is not aware of any business reasons for the price decline.
In view of the perceived price and strength mismatch, the Company views it opportune to enhance the return to shareholders. Under the buyback all purchased stock will be retired, reducing the Company's outstanding shares and raising the attributable profit per unit to the shareholders.
On May 18, 2012, LLEN shares closed at $1.38 representing an approximate 52% reduction in the Company's market value since April 5, 2012. During the same period, the Company's strategy and growth remains on track and the Company is not aware of any business reasons for the price decline.
In view of the perceived price and strength mismatch, the Company views it opportune to enhance the return to shareholders. Under the buyback all purchased stock will be retired, reducing the Company's outstanding shares and raising the attributable profit per unit to the shareholders.
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