Vaalco Energy Launches $25 Million Stock Buyback Program
Vaalco Energy hopes to put some power into its common stock by repurchasing a chunk of outstanding shares. The company's board has authorized a repurchase program for up to $25 million worth of stock. The initiative will be in force for one year.
The buybacks will be effected on the open market, or via privately negotiated purchases.
In the press release announcing the move, Vaalco Energy noted that the program "does not obligate the Company to acquire any specific number of shares in any period, and may be modified, suspended, extended or discontinued at any time without prior notice."
Currently, the firm has roughly 58 million outstanding diluted shares of stock. Its most recent closing share price was $6.07.
The article Vaalco Energy Launches $25 Million Stock Buyback Program originally appeared on Fool.com.
Fool contributor Eric Volkman has no position in Vaalco Energy. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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