ALICO, INC. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by ALICO, INC. on March 10, 2017, reporting events that occurred on March 9, 2017. The filing discloses a corporate action regarding the authorization of a new share repurchase plan by the Company's Board of Directors.
Key Financial Metrics
The filing does not provide specific financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The only financial figure disclosed is the authorization amount for the new share repurchase plan, which is up to $5.0 million.
Material Changes
The primary material event is the initiation of a new share repurchase program. The Company is authorized to repurchase up to $5.0 million of its common stock between March 9, 2017, and March 9, 2019. Repurchases may occur in the open market or through privately negotiated transactions. Up to $2.0 million of this amount may be executed under a Rule 10b5-1 trading plan.
Outlook, Risks, and Management Commentary
Management notes that repurchases are subject to certain pricing parameters and market conditions. Consequently, there is no guarantee regarding the exact number of shares that will be repurchased or that any repurchases will occur. The Company retains the discretion to amend or cancel the Repurchase Plan at any time, subject to applicable regulations.
Key Facts for Investor Verification
- Authorization of a $5.0 million share repurchase plan effective March 9, 2017.
- Plan expiration date is March 9, 2019.
- Up to $2.0 million may be utilized via a Rule 10b5-1 trading plan.
- No guarantee exists that the full $5.0 million will be spent or that any shares will be repurchased.
- The Company may amend or cancel the plan at its discretion.