Aaon, Inc., announced that its Board of Directors has authorized the company to make up purchases of shares of the company’s common stock. This is in accordance with a pre-arranged stock repurchase plan adopted by the company and also in accordance with the guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, as well as from time to time in the open market or through privately negotiated transactions at prevailing market prices, depending on market conditions.
Repurchases of stock
Repurchases under the company’s 10b5-1 plan will be administered through an independent broker and will cover the repurchase of shares commencing April 5, 2019 and expiring March 4, 2020. Repurchases are subject to SEC regulations as well as certain market volume, price and timing limitations as set forth in the 10b5-1 plan. All shares repurchased, whether through the 10b5-1 plan, open market or privately negotiated transactions, will be restored to the status of authorized but unissued stock.
Norman H. Asbjornson, CEO, stated, “We are pleased our strong capital position allows us to provide value to our stockholders through the stock buyback program.”
Gary Fields, President, stated, “We believe our current financial strength and expectation of accelerated growth in the future support the stock buyback program at this time. We also believe that the stock buyback program provides a meaningful way to continue delivering value to our stockholders.”