IntercontinentalExchange (NYSE: ICE), a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, announced that its Board of Directors has authorized a new share repurchase plan for the company's common stock in the amount of $300 million.
The new authorization is in addition to the company's remaining $85 million in the previous repurchase authorization of $300 million. In August 2011, ICE repurchased $100 million of its common stock at an average price of $109.69.
Said ICE SVP and CFO, Scott Hill: "ICE has consistently generated solid growth and cash flows while maintaining a strong balance sheet with low leverage. We believe our business model and strategy position us to continue to deliver industry leading returns to our shareholders. Though we continue to focus on capital deployment to support growth, we do not believe that our recent share price has reflected our strong fundamentals, and offered us an opportunity to repurchase shares at what we believe are attractive levels."
The share repurchase program is intended to be implemented through purchases made from time to time using a variety of methods, which may include open market purchases or purchases through a Rule 10b5-1 trading plan, all in accordance with Securities and Exchange Commission and other applicable legal requirements. The timing, prices and sizes of purchases will depend upon prevailing stock prices, general economic and market conditions and other considerations.
The repurchase program does not obligate ICE to acquire any particular amount of common stock and the repurchase program may be suspended or discontinued at any time at ICE's discretion.