Two Harbors Investment Announces 15M Share Increase in Repurchase Program
Two Harbors Investment (NYSE: TWO) announced today that its Board of Directors has authorized the company to repurchase up to 25,000,000 shares of its common stock, which is an increase of 15,000,000 shares to the previously authorized share repurchase program. The shares are expected to be repurchased from time to time through privately negotiated transactions or open market transactions, including pursuant to a trading plan in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended, or by any combination of such methods. The manner, price, number and timing of share repurchases will be subject a variety of factors, including market conditions and applicable U.S. Securities and Exchange Commission rules.
“This increase to our share repurchase program demonstrates our ongoing commitment to enhance shareholder value,” stated Thomas Siering, Two Harbors' President and Chief Executive Officer. “We intend to utilize this share repurchase program opportunistically, as we view our share price relative to its economic value as a meaningful investment alternative.”
As of November 7, 2012, the company had 295,365,085 shares of common stock issued and outstanding.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.