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4D Seismic (FDSM) Announces $3.00 Stock Repurchase Tuesday June 20, 3:04 pm ET
HOUSTON, TX--(MARKET WIRE)--Jun 20, 2006 -- 4D Seismic, Inc. (Other OTC:FDSM.PK - News) announces its Board of Directors has approved a proposal to repurchase up to One Million shares of its common stock in the market. ADVERTISEMENT
The Board of Directors discussed the merits of a potential share repurchase plan or a quarterly cash dividend of $.08 per share at their June meeting. The cash dividend initiative failed to gather the required support. However, the Board is excited to announce the share repurchase proposal gained unanimous approval.
The share repurchase will represent up to 50% of the free trading shares outstanding. The board allocated a price limit up to $3.00 per share. The repurchase plan will commence fourth quarter of this year and finish no later than January 31, 2007.
The Board of Directors indicated they favored a repurchase that will support and increase the price and value of the stock versus a distribution of cash. Ultimately, the Board agreed to reconsider the proposal of a cash dividend in the first quarter of 2007 after analyzing and evaluating the company's cash position and cash flow.
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"The repurchase plan will commence fourth quarter of this year and finish no later than January 31, 2007."
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