(By Balaseshan) Computer Task Group Inc. (NASDAQ: CTGX), an information technology (IT) solutions and staffing company, said it has extended Rule 10b5-1 plan to facilitate the repurchase of its common stock.
The company announced extension of a stock repurchase plan under Rule 10b5-1 of the Securities and Exchange Commission to facilitate the repurchase of its common stock.
Computer Task Group had about 535,000 shares available for repurchase as of December 31, 2012 under its outstanding repurchase authorizations.
The plan is effective from January 4, 2013 until the day following the company's release of its fourth quarter financial results.
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The company's 10b5-1 plan allows for the repurchase of shares during the time following the close of a quarter and the announcement of quarterly financial results when its stock repurchase policy does not allow for the direct purchase of shares by CTGX.
CTGX is trading down 0.73% at $18.98 on Thursday. The stock has been trading between $11.79 and $19.30 for the past 52 weeks.