On April 18, 2024, Franklin Covey Co.’s Board of Directors approved a new common stock repurchase plan, authorizing the company to buy back up to $50 million of its outstanding common stock. This decision comes after the depletion of the previous repurchase plan, which has now been canceled. The new plan is effective immediately and has no expiration date, offering flexibility in stock repurchases.
- New Repurchase Plan:
The Board of Directors approved a new plan to repurchase up to $50.0 million of the Company’s outstanding common stock. - Immediate Effectiveness:
The new common share purchase plan is effective immediately upon approval. - No Expiration Date:
Unlike the previous plan, the new repurchase plan does not have an expiration date, allowing the company flexibility in executing stock repurchases over an indefinite period. - Repurchase Methods:
The company may repurchase its common shares through open market transactions at prevailing market prices or by other means in accordance with federal securities laws. - Discretionary Purchases:
The actual timing, number, and value of common shares repurchased will be determined at the company’s discretion and will depend on various factors, including market conditions and legal requirements. - No Obligation:
The company is not obligated to purchase any common shares under the new authorization, and the plan may be suspended, discontinued, or modified at any time for any reason.
Franklin Covey Co.’s new $50 million common stock repurchase plan reflects the company’s confidence in its financial position and long-term growth prospects. With the flexibility of an open-ended plan and the discretion to repurchase shares based on market conditions and legal requirements, Franklin Covey Co. aims to enhance shareholder value through strategic stock repurchases. The new plan replaces the nearly depleted previous plan, demonstrating the company’s commitment to optimizing its capital structure and returning value to shareholders.
