Gladstone Capital Corporation Announces $7.5 Million Share Repurchase Authorization
MCLEAN, Va., Jan. 20, 2016 (GLOBE NEWSWIRE) -- Gladstone Capital Corporation (NASDAQ:GLAD) (the “Company”) announced that its board of directors has authorized a share repurchase program for up to $7,500,000 of the Company’s common stock. The repurchases are intended to be implemented through open market transactions on U.S. exchanges or in privately negotiated transactions, in accordance with applicable securities laws, and any market purchases will be made during applicable trading window periods or pursuant to any applicable Rule 10b5-1 trading plans. The timing, prices, and sizes of repurchases will depend upon prevailing market prices, general economic and market conditions and other considerations. The repurchase program does not obligate the Company to acquire any particular amount of stock.
“We are announcing a share repurchase authorization as part of a capital allocation strategy that is in the best interest of our shareholders. We have no idea why the stock price has fallen so low and the stock is now yielding such a high return. We believe using capital to repurchase shares at appropriate prices represents a favorable strategy,” said David Gladstone, Chairman and Chief Executive Officer.
About Gladstone Capital Corporation: Gladstone Capital is a publicly traded business development company that invests in mostly debt and as small amount of equity securities consisting primarily of secured first and second lien term loans to small and medium sized businesses in the United States. Information on the business activities of all the Gladstone funds can be found at www.gladstonecompanies.com.
Forward-looking Statements: The statements in this press release regarding the Company's capacity for growth and future distributions are "forward-looking statements." These forward-looking statements inherently involve certain risks and uncertainties in predicting future results and conditions. Although these statements are based on the Company's current plans that are believed to be reasonable as of the date of this press release, a number of factors could cause actual results and conditions to differ materially from these forward-looking statements, including those factors described from time to time in Gladstone Capital's filings with the Securities and Exchange Commission. Gladstone Capital undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or otherwise, except as required by law.
Contact: For further information contact Investor Relations at 703-287-5893
Released January 20, 2016