PHI Group Inc., a management services company, has announced an extension to its common stock repurchase plan, according to a recent filing with the U.S. Securities and Exchange Commission. The Board of Directors approved the extension on Thursday, aiming to enhance shareholder value through the repurchase of shares from the open market or via negotiated transactions.
The program, which was initially set to conclude earlier, will now run until December 31, 2024. The number of shares to be repurchased and the total monetary amount dedicated to the buyback will be determined by the market prices at the time of each transaction. PHI Group plans to finance these repurchases with a combination of long-term financing arrangements, future earnings, the sale of non-core assets, and other potential funding sources, always considering liquidity and cash flow conditions.
The decision to extend the repurchase period reflects the company's focus on shareholder value and its confidence in the company's financial stability and growth prospects. However, the repurchase program is subject to liquidity, fund availability, and the judgment of the company's management and Board of Directors regarding the best use of available funds.
PHI Group, which trades under the OTC Markets ticker symbol PHIL, has emphasized that the buyback program will comply with all applicable state and federal laws. Additionally, the company will consider its obligations to creditors and may adjust or terminate the program based on future circumstances and strategic decisions.
The information is based on a recent SEC filing.
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