Solar Capital Ltd. Adopts Stock Repurchase Program
July 31 2013 - 4:35PM
Business Wire
Solar Capital Ltd. (the “Company”) (NASDAQ-GS: SLRC) announced
today that its board of directors has authorized a program for the
purpose of repurchasing up to $100 million worth of its common
stock. 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 Procedures
and the guidelines specified in Rule 10b-18 of the Securities
Exchange Act of 1934, as amended, including certain price, market
volume and timing constraints. Unless extended by the Company’s
board of directors, the Company expects the repurchase program to
be in place until the earlier of January 31, 2014 or until $100
million of the Company’s outstanding shares of common stock have
been repurchased.
The Company’s board of directors authorized the repurchase
program because it believes the recent market volatility may cause
the Company’s common stock to be undervalued from time to time. The
timing and number of shares to be repurchased will depend on a
number of factors, including market conditions and alternative
investment opportunities. In addition, any repurchases will be
conducted in accordance with the Investment Company Act of 1940, as
amended. The Company has not yet been active in the repurchase
program and there are no assurances that it 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 shareholders.
“We believe that this share repurchase program will provide us
with greater flexibility in utilizing our over $500 million of
available capital to generate incremental investment income per
share,” said Michael Gross, Chairman and CEO of Solar Capital Ltd.
“We continue to see a consistent pipeline of investment
opportunities, and view this program as a complementary tool to
deploy our capital."
About Solar Capital Ltd.
Solar Capital Ltd. is a closed-end investment company that has
elected to be treated as a business development company under the
Investment Company Act of 1940. The Company invests primarily in
leveraged, middle market companies in the form of senior secured
loans, mezzanine loans, and equity securities.
Forward-Looking Statements
Statements included herein may constitute “forward-looking
statements,” which relate to future events or our future
performance or financial condition. These statements are not
guarantees of future performance, conditions 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 our filings with the Securities and Exchange Commission. Solar
Capital Ltd. undertakes no duty to update any forward-looking
statements made herein.
SLR Investment (NASDAQ:SLRC)
Historical Stock Chart
From Jun 2024 to Jul 2024
SLR Investment (NASDAQ:SLRC)
Historical Stock Chart
From Jul 2023 to Jul 2024