Hercules Launches $50MM Share Repurchase Program
Hercules Technology Growth announced that its board of directors approved a $50 million share repurchase program.
Under the program, Hercules may repurchase shares of its common stock in the open market, including block purchases, at prices that may be above or below the net asset value as reported in its then most recently published financial statements. Hercules anticipates that the manner, timing, and amount of any share purchases will be determined by Hercules management based upon the evaluation of market conditions, stock price, and additional factors in accordance with regulatory requirements.
Hercules expects that the share repurchase program will be in effect until August 24, 2015, or until the approved dollar amount has been used to repurchase shares. Pursuant to the Investment Company Act of 1940, as amended, Hercules is required to notify shareholders when such a program is initiated or implemented. The repurchase program does not require Hercules to acquire any specific number of shares and may be extended, modified, or discontinued at any time.
“Creating sustainable, long-term shareholder returns has long been a hallmark of Hercules. Given the underlying strength of our business, our balance sheet and continued confidence in the long-term outlook of our Company, we are pleased to have a share repurchase program in place which enables us to allocate capital to repurchase shares when we believe the repurchases will increase value for long-term shareholders,” said Manuel Henriquez, chairman and chief executive officer of Hercules Technology Growth Capital.