AdCare Announces Share Repurchase Program of Up to 500,000 Shares of Common Stock
AdCare Health Systems, Inc. (NYSE MKT: ADK)(NYSE MKT: ADK.PRA), a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term healthcare, today announced its Board of Directors has authorized the repurchase of up to 500,000 shares of its outstanding common stock over the next 12 months. The company currently has approximately 19.9 million shares of common stock outstanding.
The share repurchases may be made from time to time through open market transactions, block trades or privately negotiated transactions and are subject to market conditions, as well as corporate, regulatory and other considerations.
"This share repurchase program authorization reinforces our commitment to both maximize shareholder value and return capital to our shareholders," stated Bill McBride, AdCare's Chairman and Chief Executive Officer. "The authorization provides a mechanism for the company to efficiently deploy cash in consideration of market conditions."
This share repurchase program may be suspended or discontinued at any time by the Board of Directors, without prior notice, and the company has no obligation to repurchase any amount of its common stock under the program. The company intends to make all repurchases in compliance with applicable regulatory guidelines and to administer the plan in accordance with applicable laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. Any repurchases are expected to be funded from cash on hand and cash flows from operating activities.
About AdCare Health Systems
AdCare Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PRA) is a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term healthcare through facility lease and sub-lease transactions. The Company currently owns, leases or manages for third parties 38 facilities. For more information about AdCare, visit www.adcarehealth.com.