ACAS Repurchases 8.8% Of Shares In Q1

Paul Singer is now heavily involved here and the company is shopping itself and its assets around. Given the timing of everything, it seems something will be announced late spring…

ACAS:

BETHESDA, Md., April 1, 2016 /PRNewswire/ — American Capital, Ltd. (Nasdaq: ACAS) (“American Capital” or the “Company”) announced today that in the first quarter of 2016 it made open market purchases of approximately 21.2 million shares of American Capital common stock, or 8.8% of the Company’s outstanding shares as of December 31, 2015, under its stock buyback program (the “Program”).  The shares were purchased at an average price of $13.96 per share, totaling approximately $296.5 million.

On November 25, 2015, American Capital announced that its Board of Directors revised and expanded the Program by increasing it to a range of $600 million to $1 billion from the prior range of $300 million to $600 million.  Under the Program, purchases will only be made at per share prices below 85% of the Company’s net asset value per share as of September 30, 2015 and will be subject to certain other conditions.

On December 7, 2015, the Company announced that it had entered into a Rule10b5-1 trading plan to undertake accretive share repurchases up to the limits of the Program.

The Company has purchased a total of $730 million under this program and expects to complete the Program by June 30, 2016.

Since American Capital began stock buybacks in August 2011 through December 31, 2015, American Capital made open market purchases of 159.7 million shares or 46% of shares outstanding as of June 30, 2011, for an aggregate of $2.0 billion, of American Capital common stock at an average price of $12.62 per share.