Canterbury Park Holding Corporation to Acquire 100,000 Additional Shares Under Its Stock Buy-Back Plan
August 24 2012 - 3:30PM
Business Wire
Canterbury Park Holding Corporation (NASDAQ: CPHC) today
announced that its Board of Directors has authorized the repurchase
of an additional 100,000 shares of the Company's common stock under
a stock buy-back plan it adopted in 2008.
The Company’s stock buy-back plan adopted in 2008 provided for
the repurchase of 250,000 shares. To date, under this plan, the
Company has repurchased 216,543 shares of its stock at an
approximate cost of $1.89 million. At June 30, 2012, the Company
had unrestricted cash of $9,490,071 and 4,141,898 shares of common
stock outstanding.
Under the Company’s stock buy-back plan, as augmented by
authorization for repurchase of an additional 100,000 shares,
repurchases of up to 133,457 shares may be made at the discretion
of management through open market and privately negotiated
transactions from time to time in compliance with Rule 10b-18 of
the Securities and Exchange Act of 1934, subject to market
conditions, applicable legal requirements and other factors. The
stock buy-back plan does not obligate the Company to acquire any
particular amount of common stock and does not require that shares
are to be acquired within a particular period of time. In addition,
the plan may be suspended at any time at the Company's
discretion.
Randy Sampson, Canterbury Park's President and CEO, stated, "Our
Board is confident about the Company’s future based on a number of
factors, including the recently announced Cooperative Marketing
Agreement with the Shakopee Mdewakanton Sioux Community that
provides for purse supplements and payments to Canterbury totaling
approximately $75 million and $8.5 million, respectively, over the
ten-year term of the Agreement. The Board believes repurchasing
stock at current prevailing market prices is an effective use of
the Company's cash and represents an opportunity to enhance
long-term shareholder value."
About Canterbury Park:Canterbury Park Holding Corporation
owns and operates Canterbury Park Racetrack, Minnesota’s only
thoroughbred and quarter horse racing facility. The Company’s
62-day 2012 live race meet began on May 18th and ends September
3rd. In addition, Canterbury Park’s Card Casino hosts card games 24
hours a day, seven days a week, offering both poker and table
games. The Company also conducts year-round wagering on simulcast
horse racing and hosts a variety of other entertainment and special
events at its facility in Shakopee, Minnesota. For more information
about the Company, please visit us at www.canterburypark.com.
Cautionary Statement:From time to time, in press releases
and in other communications to shareholders or the investing
public, the Canterbury Park Holding Corporation may make
forward-looking statements concerning possible or anticipated
future financial performance, business activities or plans based on
management’s beliefs and assumptions. These forward looking
statements are typically preceded by the words such as "believes,"
"expects," "anticipates," "intends" or similar expressions.
Shareholders and the investing public should understand that these
forward-looking statements are subject to risks and uncertainties,
including those disclosed in our periodic filings with the
Securities and Exchange Commission, which could cause actual
performance, activities or plans after the date the statements are
made to differ significantly from those indicated in the
forward-looking statements when made.
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