Realty trust buying back stock
Great Neck based BRT Realty Trust will buy back up to 2.5 million shares at $6.30 each, a more than 22 percent premium over its $5.15 Tuesday closing price.
The buyback begins today and ends in 20 days. Within minutes of the market opening on Wednesday, the price immediately shot up to $6.30.
The 2.5 million share buy would represent nearly 18 percent of outstanding shares and could cost the company $15.8 million. BRT will pay with cash on hand; as of Sept. 20 it had about $58 million of cash and cash equivalents.
Jeffrey A. Gould, chief executive, said in a news release, "We believe that our repurchase is a prudent use of our cash and is consistent with our long-term objective to create shareholder value."
He said the buyback "will benefit BRT's shareholders by providing an efficient mechanism for shareholders who want to obtain liquidity at a premium over recent trading prices and, for our continuing shareholders, an enhanced ability to participate in BRT's future prospects."
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