Fundtech board approves share repurchase plan
05 June 2006 | 1913 views | 0
Fundtech Ltd. (NASDAQ: FNDT), a leading provider of global electronic payment, settlement and cash management solutions, today announced that its Board of Directors has authorized the Company to utilize up to $20 million to repurchase ordinary shares in the Company.
The Company can purchase up to $6.7 million in ordinary shares using its retained earnings over the past eight calendar quarters and to petition the Tel Aviv District Court for statutory approval to use up to an additional $13.3 million of the Company's funds to repurchase ordinary shares in the Company.
The Company currently has approximately 15 million shares outstanding. The closing price for the Company's shares on The NASDAQ National Market on June 3, 2006 was $9.14.
The purchases may be made from time to time on the open market at the Board of Directors' discretion depending on share price and market conditions. Fundtech may use the repurchased shares as treasury shares. No time limit was set for the repurchase program, and the program may be suspended from time to time or discontinued. The share repurchase will be funded from available working capital.