Destiny To Buy Back More Stock
July 6, 2011 at 12:19 PM (PT)
DESTINY MEDIA TECHNOLOGIES is renewing a share repurchase program. Under the original plan, which expired JUNE 30th, 2011, the company repurchased out of the market and canceled a total of 1,998,465 shares.
The board of directors has authorized a new tranche to repurchase up to 2.5 million shares of the company's common stock at a maximum share purchase price of $0.80 per share. The repurchases will be at times and in amounts as the company deems appropriate and will be made through open market transactions. All repurchases will be made in compliance with the Securities and Exchange Commission's Rule 10b-18, subject to market conditions, applicable legal requirements and other factors.
The board approved stock repurchase program runs through JUNE 30th, 2012. In addition to the applicable securities laws, the company will not make any purchases during a time at which its insiders are subject to a blackout from trading in the company's common shares.