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Ingles Markets Inc Authorizes Four Million Share Repurchase Program


Wednesday, 26 Jun 2013 03:45pm EDT 

Ingles Markets Inc announced that Board of Directors authorized the repurchase of up to four million shares of its Class A and Class B Common Stock. Ingles Markets had approximately 13.0 million Class A shares outstanding and 11.3 million Class B shares outstanding as of June 25, 2013. The share repurchase program may be carried out through open market purchases, block trades, purchases from the Company`s investment/profit sharing plan and in negotiated private transactions. Any shares repurchased from directors or officers of the Company, or any of their respective affiliates (other than the Company`s investment/profit sharing plan) shall be approved by the Audit Committee in accordance with the Company`s Related Party Transaction policy. The timing and actual number of shares repurchased will depend on a variety of factors including the stock price, corporate and regulatory requirements and other market and economic conditions. The stock repurchase program may be suspended or discontinued at any time. The Company plans to use existing cash, cash flow from operations and other financing sources to fund the repurchase program. 

Company Quote

33.97
0.64 +1.92%
19 Dec 2014