The filing represents an amendment to their loan agreement which allows for $28 mil to be used for a buyback should management choose to initiate.Very similar to what Zagg did late last year. Certainly indicates that management believes their stock is undervalued. Good move for investors, but even a better move for the insiders considering how much stock they own.
What interests me most is who is AG Acquisition Corporation, as they are co signers on the borrowing? The CFO signed on their behalf, but who else is part of this group.....?
Anyway, we'll hear more on the earnings call, but a very solid move by management which should be received favorably.
Chaz, "perhaps" the AG Aquisition Company is their (SKUL insiders) newly formed enity to take SKUL back private? I was under the impression that Wescoat had a history of doing private equity buyouts (perhaps I am mistaken). The real float is like 9 million shares at 7 bucks a share, they could get 4 million shares.
Something is oing on... Your right, it will be announced at the EC.
Surprised no one picked this up in the media Friday or Today. I just happened on it as I have been checking on if Andrus filed a sale this month (he hasn't yet). Perhaps our boys are finally going to fight this stock decline?
Lets hope, It's about time. If this doesn't change I'm exercising my 25,000 votes against any pay raises or stock option... I would hope others would too.
I think that's just Astro Gaming, they signed on to the credit agreement back in 2011, old news. This amendment gives them right to buy back stock and issue dividend, all very bullish. Should be fun to see the company play with the short sellers through direct purchases...
Not sure what AG Acquisition Corporation is or what it represents, but it has been around awhile and you can see that from past filings. Chaz mentions ZAGG doing the same thing late last year, it did not help their stock price. I don't know why the company wouldn't issue a press release to accompany this stating they plan to buy back shares? That alone would give the stock price a boost. Its almost as if they want to keep it down and like you said Michael, Andrus hasn't filed to sell anything this month. Something is certainly up around here. I still believe its a strong brand but management arrogance really turned me off. I may take a nibble again however, but waiting for a retest of the lows.