Key Developments: REX American Resources Corp (REX.N)
33.65USD
1:14pm EDT
$1.65 (+5.16%)
$32.00
$32.48
$33.77
$32.42
9,851
12,621
$34.97
$14.50
Latest Key Developments (Source: Significant Developments)
REX American Resources Corporation Authorizes Repurchase of Additional 500,000 Shares
REX American Resources Corporation announced that its Board of Directors approved a 500,000 share increase in the number of shares in its common stock repurchase plan. When combined with the 23,273 shares remaining from a previous authorization, the Company now has the authority to repurchase up to 523,273 shares of its common stock. During the Company’s fiscal second quarter (ended July 31, 2012) and to date in the fiscal third quarter ending October 31, 2012, REX has purchased 139,182 shares (at an average price of approximately $17.96 per share). Reflecting all purchases to date, REX presently has approximately 8,258,098 shares of common stock outstanding. Share repurchases will be made from time to time in open market or private transactions at prevailing market prices, and all shares purchased will be held in the Company’s treasury for possible future use. Full Article
REX American Resources Corporation Acquires Additional 50% Equity Interest In NuGen Energy Ethanol Plant
REX American Resources Corporation announced that through a wholly-owned subsidiary it has acquired an additional approximate 50% equity ownership interest in NuGen Energy, LLC, ("NuGen") raising its equity ownership in the entity to approximately 98%. Local farmers own the remaining approximate 2% interest. REX acquired its additional interest in NuGen and paid in full its remaining contingent consideration liability (related to the June 2010 purchase of its initial 48% ownership interest in NuGen) for a total of $12.7 million and made a $7.0 million capital contribution to NuGen to reduce long-term debt. Effective November 1, 2011, REX will consolidate the plant’s results in its financial statements. In the twelve month period ended July 31, 2011, REX recognized pre-tax earnings of $9.3 million and received dividends of $3.1 million related to its then 48% equity ownership interest in NuGen. This acquisition increases REX's ownership of annual operating nameplate production capacity by approximately 30% from approximately 169 million gallons to approximately 219 million gallons. Full Article
REX American Resources Corporation Authorizes Repurchase of Additional 500,000 Shares
REX American Resources Corporation announced that its Board of Directors has authorized the repurchase of up to an additional 500,000 shares of its common stock. REX is also authorized to purchase 28,243 shares of its common stock pursuant to the 500,000 share authorization announced on September 28. To date in the third quarter ending October 31, 2011, REX has purchased 747,696 shares (at an average price of approximately $16.78 per share). Reflecting all purchases to date, REX presently has approximately 8,687,598 shares of common stock outstanding. Full Article
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