Sep 17 2011
LifePoint Hospitals, Inc. (NASDAQ: LPNT) today announced that its Board of Directors, at a regularly scheduled meeting, has authorized a new stock repurchase program that will allow for repurchases of up to $250 million of its common stock over the next 18 months. Amounts available under the Company's previously announced share repurchase program were exhausted during the current fiscal quarter.
Under the new stock repurchase program announced today, the Company may repurchase its common stock from time to time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions and other considerations. The Company's repurchases may be executed using open market purchases, privately negotiated transactions, accelerated share repurchase programs or other transactions. The Company intends to fund repurchases under the new stock repurchase program from cash on hand, available borrowings or proceeds from potential debt or other capital markets transactions.
The Company also announced that, on September 16, 2011, the Company entered into a trading plan in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, (the "Act") to facilitate repurchases of its common stock (the "Plan") during its blackout period if price targets in the Plan are met while the Plan is in place. The Plan became effective on September 16, 2011, and will expire on November 2, 2011, unless terminated earlier in accordance with its terms.
The Company does not retain or exercise any discretion over purchases of common stock under the Plan. Because repurchases under the Plan, if any, are subject to the pricing parameters contained in the Plan, there is no guarantee as to the number of shares that will be repurchased under the Plan, or that there will be any repurchases of shares at all pursuant to the Plan.
Source LifePoint Hospitals, Inc.