MANCHESTER, Conn.--(BUSINESS WIRE)--On September 6, 2019, First Hartford Corporation’s board of directors approved its 10b5-1 Private Repurchase Stock Plan (the “Repurchase Plan”). The Company acknowledges that since the Company announced it was planning to cease reporting public information on the U.S. Securities and Exchange Commission Edgar system that trading has become more sporadic and its share price has declined. The Company wishes to provide a means for shareholders to sell all or portions of their holdings in privately negotiated purchase transactions. The Repurchase Plan is that means.
The Repurchase Plan provides for the repurchase of up to 150,000 shares of the Company's common stock in minimum blocks of 15,000 shares and maximum blocks of 60,000 shares. Eligible shareholders will be those holding blocks of common stock of the Company in excess of 15,000 shares and less than 350,000 shares. Repurchases may be made at management’s discretion from time-to-time only through privately negotiated transactions pursuant to the terms of the 10b5-1 plan to meet the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934. The privately negotiated purchase price may not to exceed 1.5 times the highest independent bid or the last independent transaction price and in no event higher than three and one-half ($3.50) dollars per share; the board acknowledges that any such premium is anticipated to be unlikely. Negotiations and purchases may commence 15 days after installation of the Plan. The repurchase program will be suspended for 15 days before the due date of each next annual report publication in the Mergent Industrial Manual and will resume 15 days thereafter. The repurchase program may continue up to maximum of 12 months and may be suspended for periods or discontinued at any time. Any shares acquired under this program will be returned as the authorized but unissued; however, the Company in its discretion may retire such shares.
Notes: First Hartford Corporation does not commit to continued releases of information through newswire services.