Lodgian, Inc. to Continue Stock Repurchase Program
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Lodgian, Inc. to Continue Stock Repurchase Program
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Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2008-04-17
Lodgian, Inc. (Amex: LGN), one of the nation's largest independent owners and operators of full-service hotels, announced today that its Board of Directors has authorized the repurchase of an additional $10 million of its common stock over a period ending no later than April 15, 2009. This repurchase program follows a $30 million repurchase program announced in August 2007. Under that program, the company repurchased approximately 2.8 million shares at an average price of $10.62 per share, fulfilling that authority on April 7, 2008.
Any purchases under Lodgian, Inc.'s stock repurchase program may be made, from time to time, in the open market, through block trades or otherwise, including pursuant to a trading plan under Rule 10b5-1 of the Securities and Exchange Act of 1934, as amended. Depending on share price, market conditions, Lodgian's cash requirements, and other factors, these purchases may be commenced or suspended at any time or from time to time without prior notice. Repurchased shares will be held as treasury stock, and will be available for use in connection with the company's stock option plans and other compensation programs, or for other corporate purposes as determined by the company's board of directors. As of April 11, 2008, the company had 21,975,210 shares of common stock outstanding.
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