NACCO Industries, Inc has announced that the Board of Directors declared a regular cash dividend of US$0.19 per share and announced a new stock repurchase programme.
The dividend is payable on both the Class A and Class B Common Stock, and will be paid 13 December 2019 to stockholders of record at the close of business on 29 November 2019.
The company’s Board of Directors also approved a stock purchase programme providing for the purchase of up to US$25 million of the company's outstanding Class A Common Stock through 31 December 2021.
The company’s current programme would have expired on 31 December 2019 but has been terminated and replaced by the new programme. Since the adoption of the prior programme in February 2018, the company has expended approximately US$3.0 million to purchase approximately 83 US$500 shares of Class A common stock.
The timing and amount of any repurchases under the new repurchase programme will be determined at the discretion of the company's management based on a number of factors, including the availability of capital, other capital allocation alternatives and market conditions for the company's Class A common stock.
The share repurchase programme does not require the company to acquire any specific number of shares. It may be modified, suspended, extended or terminated by the company at any time without prior notice and may be executed through open market purchases, privately negotiated transactions or otherwise.
All or part of the repurchases may be implemented under a Rule 10b5-1 trading plan, which would allow repurchases under pre-set terms at times when the company might otherwise be prevented from doing so.
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