SupportSave Solutions, a provider of business process outsourcing services in the Philippines, may be buying back approximately 500,000 shares of the company’s stock. At present there is no set time for the program to begin, but it will be subject to market conditions. In order to buy back the stock, the company will be utilizing the positive cash flow from operations that it presently has on hand.
Commenting on the program, Chris Johns, CEO of SupportSave Solutions stated, “We believe that the repurchase of our stock represents an attractive investment based on current market prices and therefore represents an accretive investment opportunity for both the company and our shareholder.”
The strength of our balance sheet enables us to execute this program while still being able to achieve our short- and long-term growth strategies and build greater shareholder value. We believe that our shares are undervalued, and this buyback is an effective use of our capital.”
According to the company, there are some stipulations to the program, including leaving the timing and exact number of shares to be purchased up to their discretion. Further, the buyback may occur in open market, negotiated or block transactions, and there is no intent to repurchase any shares from its management team or other insiders, and finally the stock buyback program does not obligate the company to acquire any specific number of shares and may be suspended or discontinued at any time.
Let us hear your thoughts below: