NOVA Corporation, one of the nation's largest transaction processors, has re-purchased 4.7 million of their shares at a total cost of approximately $125 million, half of what the company has allocated for the repurchase.
Earlier in the year, NOVA announced that it would be repurchasing as much as $250 million worth of its common shares in the open market or through privately negotiated transactions. Repurchased common shares are added to the Company's treasury shares and used to meet requirements for benefit plans and other corporate purposes.
"This has been a great buying opportunity in what we believe is a wonderful investment," said Edward Grzedzinski, NOVA Chairman and Chief Executive Officer. He added, "It is especially significant that approximately 75 percent of the shares we have re-purchased are a result of several transactions with former inside shareholders. As a result, we have already reached our goal to reduce the insider overhang to 7 million shares by year-end." Grzedzinski concluded his comments by saying, "We will continue to look for re-purchase opportunities in the months ahead but, for the most part, we have solved the overhang issue that concerned many investors earlier in the year."
For more information about NOVA visit: www.novacorp.net or watch your mail for the November issue of GSQ.
