(Source: Business Wire)
American Physicians Capital, Inc. (NASDAQ:ACAP) today announced its
Board of Directors authorized an additional $10 million to be allocated
to the Company's stock repurchase plan under Rule 10b5-1.
"We are pleased that we continue delivering value to our shareholders
through our repurchase program," stated President and Chief Executive
Officer R. Kevin Clinton. "Our share repurchase program is an integral
part of our capital management strategy."
Since the inception of our share repurchase program in 2001, the Company
has repurchased 13.8 million shares at an average price of $19.21 per
share. Through the nine months ended September 30, 2009, the Company has
repurchased 1,403,233 shares utilizing $42.8 million of equity. The
Company has the following outstanding share repurchase authorizations:
Type of (In thousands)
Date Approved Repurchase Amount Amount
By Board Plan Authorized Remaining
October 2, 2009 Rule 10b5-1 $10,000 $10,000
June 23, 2009 Rule 10b5-1 $20,000 $9,509
February 7, 2008 Discretionary (1) $25,000 $15,955
$55,000 $35,464
(1) All shares will be repurchased under management's discretion in the open market or in privately negotiated transactions during the Company's normal trading windows.
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Depending on market conditions, the Company may conduct additional
discretionary repurchases in the open market or in privately negotiated
transactions during its normal trading windows.
