NORTHFIELD, Ill.-- (BUSINESS WIRE) -- Winsted Holdings, Inc. (Pink Sheets:WNSH) and Appletree BDC Inc. announce a share buyback program effective today.
President and CEO Francis Manzo stated, “In the interest of creating shareholder value, Winsted Holdings announces its first share buyback program. The company plans on buying back up to 360,000,000 shares in the open market, to be completed over the next year. However, it can be completed at any time during the effective period starting today. The repurchased shares will be retired from the outstanding to the company treasury.”
Winsted reiterates that the company’s former CEO Mark Ellis is no longer involved with the company, nor controls any shares, common, or preferred. Appletree now controls all preferred shares. Additionally, in keeping with the strategy of Winsted being a business incubator, the company plans no 504 registrations, or other dilutive capital raising programs. Also, no reverse splits are planned due to both managements direction for the company and the SEC’s investigation of the former management’s potential violation of Section 23 of the 1940 Act, in this regard.
Additionally, the company is currently working on becoming current with their quarterly and annual SEC filings. We will be uploading files to the Edgar system as soon as possible.
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