(the "Company") (NASDAQ: PRAH) today announced that its Board of Directors (the "Board") has authorized a $500 million share repurchase program, effective immediately.Under the program, the Company is authorized to repurchase shares of its common stock through open market purchases, privately-negotiated transactions, secondary offerings, block trades or otherwise in accordance with all applicable securities laws and regulations, including through trading plans complying with the rules and regulations of the Securities and Exchange Commission (the "SEC").
In addition, the Company announced that, subject to the completion of the announced underwritten secondary offering of the Company's common stock by KKR PRA Investors L.P.
The Over-Allotment Option was granted to the Underwriters in connection with Osisko's previously announced secondary offerings
of 7,850,000 Common Shares, which closed on July 11, 2019.
This article will briefly shed the light on the implications of Article 279 on future IPOs, in particular those which will be structured as secondary offerings or a combination of both primary and secondary offerings.
The rules and regulations of financial markets sometimes set a number of restrictions and limitations on the selling shareholders in secondary offerings, and these limitations include a limitation on the number or percentage of sale shares.
New Media said in its filings for the secondary offerings
it would use the funds in part to buy more newspapers.
The Quadrangle Funds that will be able to sell up to 5.7m shares of Lumos Networks common stock in secondary offerings
while the registration statement remains effective, informed the company that they have no current intention to do so and the company mentioned that the filed registration statement is yet to become effective.
The company said that the departure of these directors is as a result of a re-organization of the board resulting from the recent secondary offerings
of its ordinary shares by its sponsor shareholders.