HAYWARD, Calif.--(BUSINESS WIRE)-- Armanino Foods of Distinction, Inc. (Pink Sheets Symbol: AMNF) announced today that its board of directors has authorized up to an additional $1,000,000 for the repurchase of shares of the Company’s common stock, making the Company’s aggregate authorization $2,000,000. To date the Company has repurchased 1,340,245 shares of its common stock for an aggregate purchase price of $979,560. The repurchase program will continue to be carried out in the open market through block trades or otherwise, or in privately negotiated transactions off the market, subject to market conditions.
I would take this to mean there will be no near term increase in the dividend if they are directing cash in this manner. However it makes for some real nice up days on share price and protects current holders investment. The second quarter must be going well! IMHO
It may not take as long as you think. My guess is that the large block up for the asked is from someone who had a GTC order at 7-10% above the market in case there was a blip up. Once the seller realizes that the news about the buy back makes the stock likely to go up even further, my gues is that those shares will come off the market. We will see on Monday.