WILMINGTON, Del.--(BUSINESS WIRE)--Standard Diversified Opportunities Inc. (OTCQB: SDOPA) (the “Company”) announced today that its Board of Directors has authorized a program to repurchase over a period of twelve months shares of the Company’s Class A Common Stock or Class B Common Stock, par value $0.01 per share (respectively, the “Class A Stock” and “Class B Stock” and together, the “Common Stock”) constituting, in the aggregate, up to 5% of the outstanding shares of Common Stock. The program is effective immediately. Shares of the Common Stock may be repurchased in the open market or through negotiated transactions. The program may be terminated or suspended at any time at the discretion of the Company.
The repurchase program will be funded using the Company’s working capital. As of June 29, 2017, the Company had 8,190,224 shares outstanding of its Class A common stock and 8,179,207 shares outstanding of its Class B common stock for a total of 16,369,431.
The Company may in the future enter into a Rule 10b5-1 trading plan to effect a portion of the authorized purchases, if criteria set forth in the plan are met. Such a plan would enable the Company to repurchase its shares during periods outside of its normal trading windows, when the Company typically would not be active in the market.
The time of purchases and the exact number of shares to be purchased, if any, will depend on market conditions. The repurchase program does not include specific price targets or timetables. The Company intends to finance the purchases using available working capital.
About Standard Diversified Opportunities Inc.
Standard Diversified Opportunities Inc. is a holding company that owns and operates subsidiaries in a variety of industries, including other tobacco products, outdoor advertising and insurance.