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Article: American Business Financial Services Reauthorizes Stock Repurchase Program.
- Article from:
- PR Newswire
- Article date:
- May 26, 1999
CopyrightCOPYRIGHT 1999 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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BALA CYNWYD, Pa., May 26 /PRNewswire/ -- American Business Financial Services, Inc. (Nasdaq: ABFI) today announced that its Board of Directors has reauthorized the Company to buy back up to 10% of the Company's outstanding shares between July 1, 1999, and July 1, 2000.
The Company, which had 3,625,379 shares outstanding on a fully diluted basis on March 31, 1999, had bought back 111,000 shares, or 3% of its outstanding shares, under the stock repurchase plan authorized by the Board on July 17, 1998. The authorization for the 1998 buyback program expires on June 30, 1999, and the new plan enables the Company to continue repurchasing shares over the next year.
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