Stock buyback for AspenBio Pharma
The directors of Colorado, US-based AspenBio Pharma have authorized a common stock repurchase plan worth a maximum of $5m. Purchases of the company's shares will be made in routine, open-market transactions at the discretion of company management. The directors believe AspenBio Pharma's shares are undervalued at the present price and market capitalization. The program will allow AspenBio Pharma to repurchase its shares in accordance with Securities and Exchange Commission requirements. It is to be funded by the company's working capital. AspenBio Pharma has around 31.3million outstanding common stock shares and approximately $25m in working capital. It will retire all purchased shares to the status of "authorized and unissued", increasing the percentage ownership of all current shareholders.