WERPO will initiate a planned share buyback program of up to 7 mln shares of its common stocks from the open market.
The share repurchases will be made from time to time over the next 6 months at the Company’s discretion.
The repurchase program may be suspended or discontinued at any time, WERPO’s press release reads.
Shmuel Ovadia , Director of WERPO, said: “We believe the common shares of BBRD are very valuable and this share buyback program will not only strengthen the company’s capital structure, but ultimately increase the value of the shares to our loyal shareholders.
“This repurchase program demonstrates our commitment to building long-term shareholder value and further shows our confidence in the growth potential of WERPO.”
Blackbird International Corporation (BBRD) is the sole shareholder of Wave Electricity Renewal Power Ocean Ltd (WERPO).
A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares is called Share Repurchase .
Share repurchase is usually an indication that the company’s management thinks the shares are undervalued, and because share repurchase reduces the number of shares outstanding, it increases earnings per share and tends to elevate the market value of the remaining shares.
WERPO, an Israeli wave energy company, has developed technology based on the utilization of sea waves’ rise and fall to yield hydraulic pressure that produces electricity, exploiting the potential of wave speed, height, depth and currents beneath the surface of the water.
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Image: WERPO