The research focused on what was defined as "completed repurchase plans," one in which the firm announced and later repurchased at least 50 percent of the shares authorized
for the program.
Based upon the Company's closing stock price on February 8 this increase in the number of shares authorized
to be repurchased over time would cost approximately an additional $63M full 1M additional shares are repurchased.
In May 2017, our Board of Directors approved an increase to the remaining amount of shares authorized
to be repurchased to a total of 2.5 million shares effective July 1, 2017, and an extension to the plan until the earlier of June 30, 2018 or such time that all of the authorized shares have been repurchased.
The Board also increased the number of shares authorized
for repurchase by 5 million, bringing the currently authorized amount up to 5.3 million shares.
Simmons has bought back 277,782 of the 400,000 shares authorized
* It does not change the number of shares authorized
and issued; it reduces the number of shares outstanding.
Currently, the company has approximately 16.8M shares of common stock issued and outstanding and the shares authorized
for repurchase under the new repurchase program currently represents approximately 4.5% of the company's issued and outstanding shares of common stock.
During the quarter, the company repurchased 148,935 shares at a weighted average price of USD18.68 and has repurchased 1,399,835 of the 5,000,000 shares authorized
The stock repurchase program will begin on December 21, 2018 and will expire on the earlier of December 20, 2019, the date on which the maximum aggregate number of shares authorized
to be repurchased has been repurchased, or after written notice by the broker or the Company as specified in the program.
Securities and Exchange Commission, has affirmed the rating on the principal-at-risk variable-rate notes issued by Azzurro Re I DAC, an Irish designated-activity company limited by shares authorized
by the Central Bank of Ireland as a special purpose vehicle under the European Union (Insurance and Reinsurance) Regulations 2015 of Ireland.