COLUMBUS, Ohio, Sept. 25, 2018 /PRNewswire/ -- Diamond Hill
Investment Group, Inc. (the "Company," "we," "our")
(NASDAQ:DHIL) today announced that its board of directors has
authorized its management to repurchase Diamond Hill Investment
Group, Inc. common shares (the "Shares") having an aggregate
purchase price of up to $50,000,000. The authority to repurchase
Shares will be exercised from time to time as market conditions
warrant, is subject to regulatory considerations and will expire in
two years. Thomas E. Line, chief financial officer, noted,
"The Company continues to demonstrate solid profitability while
generating significant amounts of cash. As of June 30, 2018, the Company had cash and
marketable securities in excess of $200
million and no debt. Furthermore, we currently
anticipate strong cash flow for the balance of 2018. Management and
the board believe the most appropriate uses for excess cash are to
continue to invest in Diamond Hill Funds, pay dividends, and
repurchase Shares." The timing, amount and other terms and
conditions of any repurchases will be determined by the Company's
management at its discretion based on a variety of factors,
including the market price of the Shares, corporate considerations,
general market and economic conditions and legal
requirements. It is possible that no Shares will be
repurchased. The repurchase program may be modified,
discontinued or suspended at any time. The Company currently
intends to fund the program through cash on hand and future cash
flow.
About Diamond Hill:
We are an independent investment management firm with significant
employee ownership and $22.6 billion
in assets under management as of August 31, 2018. We
provide investment management services to institutions and
individuals through mutual funds, institutional separate
accounts, an exchange traded fund, and private investment
funds. Our entire investment team shares the same intrinsic
value investment philosophy focused on absolute returns, and our
interests are firmly aligned with our clients through significant
investment in its strategies. For more information visit
www.diamond-hill.com.
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SOURCE Diamond Hill Investment Group, Inc.