Multiband Announces Stock Buy Back Plan of Up to 2M Shares
Multiband Corporation, (NASDAQ: MBND) today announced that its board of directors has authorized a plan to repurchase up to two million of the Company's outstanding common shares. Under the plan, the Company may repurchase shares on the open market in amounts and at times deemed appropriate by management and in accordance with Securities and Exchange Commission Rule 10b-18 and other pertinent rules and regulations. The share repurchase plan is effective on June 6, 2012 and will continue for a period of six months, subject to the Company's right to announce earlier termination or an extension of the plan. The Company's insiders will be prohibited from trading in Multiband stock throughout the duration of the plan.
Share repurchases will be funded by the Company's available working capital. The timing of any such repurchases under the plan will depend on price, market conditions and applicable regulatory requirements. As of March 31, 2012, Multiband Corporation had 21,797,410 common shares outstanding.
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