Sanderson ups stock buy-back
by Wally Northway
Published: October 23,2009
LAUREL — Sanderson Farms Inc.’s board of directors has expanded the poultry company’s stock repurchase program to one million shares. The board previously authorized the repurchase of up to 225,000 shares in April 2008.
Under the stock repurchase program, shares may be purchased from time to time at prevailing prices in open market transactions or in negotiated purchases, subject to market conditions, share price and other considerations. Sanderson Farms currently has approximately 20.3 million shares of common stock outstanding.
“The expansion of our stock repurchase program highlights the board’s confidence in the future of Sanderson Farms,”d Joe F. Sanderson Jr., chairman and CEO of Sanderson Farms. “We plan to use our expanded stock repurchase program to offset shares issued through our equity compensation programs. We believe this program represents a good use of corporate funds while minimizing potential dilution related to our equity compensation programs.”
The company has repurchased approximately 13,000 shares under the previously authorized stock repurchase program. The newly authorized program will provide Sanderson Farms with the capacity to purchase approximately 987,000 shares. The stock repurchase program is authorized until April 24, 2012.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Alumni-couple donate $12.3M to Mississippi State
- IKE TROTTER: There are primary changes in Social Security for 2014
- Expert on airlines predicts Jackson-Evers will keep remaining carriers
- MAN OF STEEL: Madhu Ranade leading Severstal Columbus
- Town given Obamacare insurance break, but faces additional costs in 2015
- TRIP releases report on state's crumbling roads, bridges
- Butler Snow Advisory Services adds Jimmy Bailey
- MDA to lead delegation on mission to Europe
- C Spire launches next phase of 1-gig service rollout
- Public meeting called to mull future of convention center