Angeion Corporation (NASDAQ: ANGN) today announced that it has successfully commenced repurchases under its recently modified stock repurchase program. On September 22, 2010, the Company executed a single block purchase of approximately 100,000 shares at a repurchase price of $4.25 per share.
As announced earlier this month, Angeion is currently authorized to purchase up to $2 million worth of its outstanding shares of common stock in the open market or in privately negotiated transactions. The September 22, 2010 transaction represents more than 20% of the current authorized repurchase amount. The repurchase program is set to run until April 30, 2011.
Rodney A. Young, Angeion’s President and Chief Executive Officer, stated, “We are pleased with the initial progress under the repurchase program. These recent purchases demonstrate our commitment to take actions to capitalize on the current market pricing that we believe will benefit the Company and our shareholders.”
Angeion intends to continue to make public purchases in compliance with SEC Rule 10b-18. Under that rule, Angeion may purchase shares in the open market or in privately negotiated transactions. Open market purchases are limited, in any single day, to 25% of the average daily trading volume for the prior four calendar weeks. Repurchases through privately negotiated transactions are not subject to these restrictions.
Through September 22, 2010, and including the shares repurchased on that day, Angeion has bought back a total of 164,149 shares at a cost of $4.34 per share. The total amount remaining authorized for purchase under the current program is approximately $1.3 million.
The timing and actual number of shares purchased will depend upon a variety of factors, such as price, corporate and regulatory requirements, alternative investment opportunities, and other market and economic conditions. Angeion will fund repurchases from its available working capital. This program may be started, suspended or terminated at any time, or from time to time at management’s discretion without prior notice.