Aug27, 2011
Alpha Natural Resources, Inc a leading US coal producer announced that Alpha's board of directors has approved a share repurchase authorization permitting Alpha to repurchase up to USD 600 million of its outstanding common stock. The authorization, which remains in effect through December 31st 2014, enables Alpha to repurchase shares from time to time as market conditions warrant, subject to applicable securities law and other requirements.
The new USD 600 million authorization is in addition to the existing USD 125 million repurchase authorization announced in May of 2010, under which approximately USD 108 million has been used to repurchase approximately 3.2 million shares at an average price of USD 33.74 per share through August 19th 2011. Approximately USD 17 million remains available for repurchases under the existing USD 125 million authorization.
Mr Kevin Crutchfield CEO of Alpha said that "This new repurchase authorization affirms Alpha's long-standing commitment to maximizing shareholder value. Throughout its history, Alpha has been focused on operational excellence, thoughtful growth, and the maintenance of a strong balance sheet and an appropriate capital structure. Executing on our strategic plan, Alpha has emerged from the recent acquisition of Massey with a premier reserve base that positions us as a leading global supplier of metallurgical coal, a sound balance sheet and ample liquidity. With today's announcement, Alpha will continue to be able to deploy a portion of its capital and expected future free cash flows to fine tune our capital structure and return cash to shareholders while at the same time continuing to focus on successful integration and operational execution following the acquisition."
Alpha Natural Resources, Inc a leading US coal producer announced that Alpha's board of directors has approved a share repurchase authorization permitting Alpha to repurchase up to USD 600 million of its outstanding common stock. The authorization, which remains in effect through December 31st 2014, enables Alpha to repurchase shares from time to time as market conditions warrant, subject to applicable securities law and other requirements.
The new USD 600 million authorization is in addition to the existing USD 125 million repurchase authorization announced in May of 2010, under which approximately USD 108 million has been used to repurchase approximately 3.2 million shares at an average price of USD 33.74 per share through August 19th 2011. Approximately USD 17 million remains available for repurchases under the existing USD 125 million authorization.
Mr Kevin Crutchfield CEO of Alpha said that "This new repurchase authorization affirms Alpha's long-standing commitment to maximizing shareholder value. Throughout its history, Alpha has been focused on operational excellence, thoughtful growth, and the maintenance of a strong balance sheet and an appropriate capital structure. Executing on our strategic plan, Alpha has emerged from the recent acquisition of Massey with a premier reserve base that positions us as a leading global supplier of metallurgical coal, a sound balance sheet and ample liquidity. With today's announcement, Alpha will continue to be able to deploy a portion of its capital and expected future free cash flows to fine tune our capital structure and return cash to shareholders while at the same time continuing to focus on successful integration and operational execution following the acquisition."
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