This is an interesting announcement. What is the purpose of buying back 1/3 of outstanding shares. Is it true that ePlus only has 9.4 million shares of common stock outstanding?
What the heck does this mean? (or am I reading too much into it). Sounds like great news at face value.
ePlus inc (NasdaqNM:PLUS - News) announced today that its board of directors has authorized the repurchase from time to time of up to 3,000,000 shares of its outstanding common stock to a cumulative maximum of $7,500,000 over a period ending no later than September 30, 2004. The purchases may be made in the open market or in privately negotiated transactions, subject to availability, at prices deemed appropriate by management. The repurchased shares will have the status of treasury shares and may be used, when needed, for general corporate purposes. ePlus had approximately 9.4 million shares of common stock outstanding as of Tuesday, September 30, 2003.