Houston-based Mexican Restaurants has substantially completed the first phase of its previously announced stock repurchase programme, with the acquisition of 78,500 shares of its outstanding common stock for US$337,731.
Go deeper with GlobalData
The firm’s management said that they intend to recommend to the board of directors further repurchase of shares up to the US$350,000 limit authorised and to request a second similarly sized authorisation sometime during the Q3. The company also purchased 10,050 vested options for US$11,236 and 9,400 common shares for US$40,068 from former employees and a former director.
During the Q1 2002, the board authorised management to implement a limited stock repurchase programme in a manner permitted under its bank financing agreement. The company was given authority to purchase up to a total of US$350,000 of its outstanding common stock.
The shares acquired are being held for general corporate purposes, especially to offset the dilution effect of stock options under the company’s stock benefit plans, therefore the company said that it continues to believe that the repurchase programme is an excellent use of capital for its shareholders.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
