SED extends stock repurchase programme
Sep. 24, 2010 (M2 Communications Ltd.) --
SED International Holdings Inc (OTCBB:SECX), a supply chain management provider and a distributor of computer technology, consumer electronics, small appliances and cellular products, announced today that its board of directors has reserved an additional USD 150,000 for repurchases under the company’s stock repurchase programme.
The company said that the stock repurchase programme allows it to repurchase shares of its common stock in the open market or in individually negotiated transactions and reflects its ongoing commitment to increase shareholder value.
The extension of the programme brings the aggregate amount authorised by the board of directors for repurchases of its common stock to USD 350,000. The programme commenced in August 2009 and as of 30 June this year the company had repurchased a total of 51,608 shares of its common stock at an average per-share cost of USD 2.36.
The programme does not obligate the company to acquire any specific number of shares and may be suspended or terminated by the board of directors at any time. Funding for the programme comes from the company’s working capital and repurchase shares will be retired and restored to the status of authorised and unissued shares, or added to Treasury shares.
The closing price per share of the company’s common stock as of 22 September was USD 2.68.
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Source: M2 Presswire (September 24, 2010 - 7:40 AM EDT)
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