More news from retail forex broker Gain Capital Holdings Inc (NYSE:GCAP) today.
The company announced that its Board of Directors has authorized an expanded stock repurchase program, under which the company may repurchase up to $35 million of its outstanding common stock, nearly doubling the amount approved as of March 31, 2017.
Our Board of Directors and management team firmly believe in our long-term growth prospects and feel that our current share price does not accurately reflect the full value of the Company,” stated Glenn Stevens, CEO of GAIN Capital. “The additional authorized repurchase capacity demonstrates our confidence in the strength of the business and our commitment to efficient capital allocation and value creation for shareholders.
Under the stock repurchase program, GAIN Capital may buy shares in the open-market in accordance with all applicable securities laws and regulations, including Rule 10b5-1 of the Securities Exchange Act of 1934.
The extent to which the Company repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations, as determined by GAIN Capital’s management team.
The repurchase program may be suspended or discontinued at any time.
The Company expects to finance the purchases with existing cash balances.