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Article: Imperial Credit Commercial Mortgage Investment Corp. Reports Common Stock Buyback and Authorization for Additional Buyback
- Article from:
- PR Newswire
- Article date:
- August 28, 1998
CopyrightCOPYRIGHT 1998 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LOS ANGELES, Aug. 28 /PRNewswire/ -- Imperial Credit Commercial Mortgage Investment Corp. (Nasdaq: ICMI) today reported that it has completed the repurchase of 3 million shares of its common stock in the open market and in private transactions pursuant to its previously announced share repurchase plan. The 3 million shares of common stock repurchased by the Company represent approximately 8.7% of the aggregate outstanding shares as of June 30, 1998. The shares were repurchased at a total cost of $30,596,346, approximately $10.20 per share.
In addition, the Board of Directors today authorized the Company, subject to certain conditions, to repurchase up to an ...