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From: jonnyb (Rep: 91)Date: 01/31/2019 07:18
Forum: Fred's - Msg #99Thread #674060641 (Rec: 0)
Fred's (FRED) Announces New 3.5M Share Repurchase Program

Fred’s, Inc. (NASDAQ: FRED) today announced that its board of directors (the “Board”) has approved a new share repurchase program in order to acquire up to 3.5 million shares of the Company’s outstanding Class A voting common stock (the “common stock”). The Company’s previous share repurchase program, which allowed for the repurchase of up to 3.8 million shares of the Company’s common stock, was completed on January 24, 2019.

Under the new program, the common stock may be purchased through a combination of Rule 10b5-1 automatic trading plans and discretionary purchases on the open market, block trades or in privately negotiated transactions. The amount and timing of any purchases will depend on a number of factors, including trading price, trading volume, general market conditions, applicable legal requirements and compliance with the terms of the Company’s current and future indebtedness. No assurance can be given that any particular amount of common stock will be repurchased. The new repurchase program is valid for up to two years and may be modified, extended or terminated by the Board at any time. The Company intends to finance the repurchases with available cash and with funds drawn from that certain Credit Agreement dated as of April 9, 2015, as amended, by and among Fred’s, certain of its subsidiaries, the lenders named therein and Regions Bank, as the administrative agent.

https://www.streetinsider.com/dr/news.php?id=15058627

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