Spirit Realty Capital, Inc (New)(NYSE:SRC) Update On Stock Repurchase Program

0
606
Spirit Realty Capital Inc

Spirit Realty Capital, Inc (New)(NYSE:SRC) reported that its Board has approved a new stock repurchase plan for up to $250 million of its common stock to be executed within 18 months from the authorization date.

The details

Jackson Hsieh, the CEO and President of Spirit, reported that having rebought $200 million of company’s common stock so far in this year, they are delighted that their Board has approved a new $250 million share repurchase plan, which reflects the strength of their commitment to overall value creation. To the extent they perform any repurchases under the program, they will perform so on a leverage neutral basis by the close of 2017.

In addition, the company continues to follow best shareholder-friendly corporate governance. The management consider that amending their bylaws to lower the stockholder vote needed to repeal or change the bylaws and to follow new bylaws provide their shareholders a greater voice as they continue to progress with their plans.

The stock repurchase plan does not obligate the firm to buy any particular quantity of common stock and may be modified, suspended, discontinued or extended at any time at the firm’s discretion. Earlier in this month, Spirit Board restated and amended the bylaws of the firm to lessen the stockholder vote needed to repeal or alter any provision of the bylaws and to follow new bylaws from the favorable vote of two-thirds of the total votes permitted to be cast on the instance to the affirmative vote of a majority of the total votes permitted to be cast on the respective matter.

As per the amendment, the Board will retain the power to adopt, repeal or alter any provision of the bylaws and to formulate new bylaws, co-extensive with the privilege of the stockholders of the firm. Spirit reported that the repurchases may be done in open market deals, in privately negotiated deals or otherwise, from time to time, in accordance with the set guidelines.

This report is for information purposes only, and is neither a solicitation or recommendation to buy nor an offer to sell securities. Financials Trend is not-a-registered-investment-advisor. Financials Trend is not a broker-dealer. Information, opinions and analysis contained herein are based on sources believed to be reliable, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. The opinions contained herein reflect our current judgment and are subject to change without notice. Financials Trend accepts no liability for any losses arising from an investor's reliance on the use of this material. Financials Trend sometimes gets compensated up to one hundred and fifty thousand dollars per month for featuring particular stocks. See site disclaimer for complete compensation. Financials Trend and its affiliates or officers currently hold no shares of these stocks. Financials Trend and its affiliates or officers will purchase and sell shares of common stock of these stocks, in the open market at any time without notice. Financials Trend will not update its purchases and sales of these stocks in any future postings on Financials Trend's websites. Certain information included herein is forward-looking within the context of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning manufacturing, marketing, growth, and expansion. The words "may", "would," "will," "expect," "estimate," "anticipate," "believe," "intend," " project," and similar expressions and variations thereof are intended to identify for ward-looking statements. Such forward- looking information involves important risks and uncertainties that could affect actual results and cause them to differ materially from expectations expressed herein. *Financials Trend does not set price targets on securities. Never invest into a stock discussed on this web site or in this email alert unless you can afford to lose your entire investment.