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Re: Enterprising Investor post# 10078

Monday, 08/08/2022 6:23:40 PM

Monday, August 08, 2022 6:23:40 PM

Post# of 10087
Capital Activity

On March 29, 2022, the Board of Directors authorized a $20 million share repurchase program. During the second quarter 2022 the Company repurchased 1.6 million shares for $14.2 million at an average purchase price of $8.86. On May 5, 2022, the Board of Directors authorized an additional $15 million share repurchase bringing the total unused authorized amount to $20.8 million.

During the second quarter 2022, AAC purchased Surplus Notes amounting to $65.0 million of current par value or $115.1 million of principal and accrued interest outstanding, generating a $57.0 million gain on the retirement of debt. AAC also purchased $76.4 million par of Sitka Notes which are held as an asset on AAC's balance sheet.

"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International

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