Aegion Corporation (Nasdaq Global Select Market: AEGN) today announced
that its Board of Directors has authorized a new program to repurchase
up to $20.0 million of the Company’s common stock through June 30, 2016.
Aegion has engaged Merrill Lynch, Pierce, Fenner & Smith as its
exclusive broker to execute its stock purchase program under a trading
plan that has been established in accordance with Rule 10b5-1 of the
Securities Exchange Act of 1934. Rule 10b5-1 permits Merrill Lynch to
continue to purchase shares on Aegion’s behalf even during periods when
Aegion is in possession of undisclosed earnings or other material,
non-public information about the Company pursuant to pre-arranged
parameters instituted during an open window period. Share repurchases
can be made on the open market or otherwise. The plan is effective until
June 30, 2016 or, if earlier, upon the repurchase of $20.0 million of
the Company’s stock under the plan.
Charles R. Gordon, President and Chief Executive Officer of Aegion,
said, “This share repurchase program reflects the Company’s strong cash
position and our continued commitment to utilize excess cash to enhance
stockholder value. We also recognize the opportunity to repurchase
shares at prices we continue to believe are attractive.”
The new stock repurchase plan will be effected in accordance with Rule
10b-18 under the Securities Exchange Act of 1934, as amended, which
includes certain restrictions including one with respect to the number
of shares that may be purchased in a single day (subject to certain
exceptions for block purchases) based on the average daily trading
volume of the Company’s shares on the Nasdaq Global Select Market during
the four calendar weeks preceding the week in which a purchase is to be
effected.
As required under the federal securities laws, Aegion will report in
each of its quarterly reports and in its annual report, its repurchases
of shares by month for the most recently completed quarter, including
the average prices paid and the approximate dollar value of the shares
yet to be purchased under the program.
About Aegion Corporation
Aegion Corporation is a global leader in infrastructure protection
and maintenance, providing proprietary technologies and services: (i) to
protect against the corrosion of industrial pipelines; (ii) to
rehabilitate and strengthen water, wastewater, energy and mining piping
systems and buildings, bridges, tunnels and waterfront structures; and
(iii) to utilize integrated professional services in engineering,
procurement, construction, maintenance and turnaround services for a
broad range of energy related industries. More information about Aegion
can be found on our internet site at www.aegion.com.
Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a “safe
harbor” for forward-looking statements. We make forward-looking
statements in this news release that represent our beliefs or
expectations about future events or financial performance. These
forward-looking statements are based on information currently available
to us and on management’s beliefs, assumptions, estimates or projections
and are not guarantees of future events or results. When used in this
document, the words “anticipate,” “estimate,” “believe,” “plan,”
“intend, “may,” “will” and similar expressions are intended to identify
forward-looking statements, but are not the exclusive means of
identifying such statements. Such statements are subject to known and
unknown risks, uncertainties and assumptions, including those referred
to in the “Risk Factors” section of our Annual Report on Form 10-K for
the year ended December 31, 2014, as filed with the Securities and
Exchange Commission on March 2, 2015 and in the Company’s subsequent
quarterly reports on Form 10-Q. In light of these risks, uncertainties
and assumptions, the forward-looking events may not occur. In addition,
our actual results may vary materially from those anticipated,
estimated, suggested or projected. Except as required by law, we do not
assume a duty to update forward-looking statements, whether as a result
of new information, future events or otherwise. Investors should,
however, review additional disclosures made by us from time to time in
our periodic filings with the Securities and Exchange Commission. Please
use caution and do not place reliance on forward-looking statements. All
forward-looking statements made by us in this news release are qualified
by these cautionary statements.
Aegion® and the Aegion® logo are the registered
trademarks of Aegion Corporation and its affiliates.
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