"We continue to believe that our stock is undervalued at its current price and that the repurchase of our shares is a prudent investment that will increase shareholder value short term and long term," says Glade M. Knight, chairman and chief executive officer, in a statement. "Our stock continues to trade at a discount to net asset value, and this situation provides us with an excellent opportunity to make another sizeable investment in the company for the benefit of our shareholders."
The company plans to buy the shares on the open market at its discretion. It has about 35.5 million common shares outstanding.
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