PennantPark Investment Corporation Announces $30 Million Stock Repurchase Program
May 09 2018 - 4:05PM
PennantPark Investment Corporation (the "Company") (NASDAQ:PNNT)
announced today that its Board of Directors has authorized a
program for the purpose of repurchasing up to $30 million worth of
its common stock at prices below the Company’s net asset value per
share as reported in its most recent financial statements to be
implemented at the discretion of the Company’s management team.
Under the repurchase program, the Company may, but is not obligated
to, repurchase its outstanding common stock in the open market from
time to time provided that the Company complies with the
prohibitions under its Insider Trading Policies and the
requirements under Rule 10b-18 of the Securities Exchange Act of
1934, as amended, or the Exchange Act, including certain price,
market volume and timing constraints. Repurchases will also be
conducted in accordance with the Investment Company Act of 1940, as
amended. Unless extended by the Company’s Board of Directors, the
Company expects the repurchase program to remain in place until the
earlier of May 8, 2019 and the repurchase of $30 million of the
Company’s outstanding shares of common stock.
The Company’s Board of Directors authorized the
repurchase program because it believes that market volatility may
cause the Company’s common stock to be undervalued from time to
time. The timing and number of additional shares to be repurchased
will depend on a number of factors, including market conditions and
alternative investment opportunities. There can be no assurance
that the repurchase program will enhance shareholder value or
increase the market value of the Company's shares of common stock.
The Company's Board of Directors may amend this program, solely in
its discretion, at any time during the duration of the program. Any
amendment to the Company's announced repurchase program will be
publicly disclosed. In addition, there are no assurances that the
Company will engage in repurchases, but if market conditions
warrant, the Company now has the ability to take advantage of
situations where the Company’s management believes share
repurchases would be advantageous to the Company and to its
stockholders.
ABOUT PENNANTPARK INVESTMENT CORPORATION
PennantPark Investment Corporation is a business development
company which principally invests in U.S. middle-market companies
in the form of first lien secured debt, second lien secured debt,
subordinated debt and equity investments. PennantPark Investment
Corporation is managed by PennantPark Investment Advisers, LLC.
FORWARD-LOOKING STATEMENTS
This press release may contain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. You should understand that under Section 27A(b)(2)(B) of
the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of
the Exchange Act the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995 do not apply to
forward-looking statements made in periodic reports PennantPark
Investment Corporation files under the Exchange Act. All statements
other than statements of historical facts included in this press
release are forward-looking statements and are not guarantees of
future performance or results, and involve a number of risks and
uncertainties. Actual results may differ materially from those in
the forward-looking statements as a result of a number of factors,
including those described from time to time in filings with the
Securities and Exchange Commission. PennantPark Investment
Corporation undertakes no duty to update any forward-looking
statement made herein. You should not place undue influence on such
forward-looking statements as such statements speak only as of the
date on which they are made.
PennantPark Investment Corporation may use words such as
“anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,”
“estimates” and similar expressions to identify forward-looking
statements. Such statements are based on currently available
operating, financial and competitive information and are subject to
various risks and uncertainties that could cause actual results to
differ materially from its historical experience and present
expectations.
CONTACT:Aviv EfratPennantPark Investment Corporation(212)
905-1000www.pennantpark.com
PennantPark Investment (NASDAQ:PNNT)
Historical Stock Chart
From Jun 2024 to Jul 2024
PennantPark Investment (NASDAQ:PNNT)
Historical Stock Chart
From Jul 2023 to Jul 2024