Patterson enters stock repurchase plan in accordance with Rule 10b5-1
Patterson Companies said in a regulatory filing that it entered into a stock repurchase plan established in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, in connection with its previously disclosed board-authorized March 2013 plan to purchase up to 25M shares through March 19, 2018. As of November 23, 2016, a total of approximately 15.4M shares remain available for purchase under such repurchase authorization. A Rule 10b5-1 plan allows a company to repurchase its shares at times when it otherwise might be unable to do so under the 1934 Act's insider trading rules. The company's designated broker has authority under the company's 10b5-1 repurchase plan agreement to repurchase up to $50M of the company's common stock commencing November 25, 2016 through February 15, 2017, unless terminated earlier in accordance with the terms of the Plan. Because the repurchases under the Plan will be subject to specified parameters and certain price and volume restraints as established in the Plan, there is no guarantee as to the exact number of shares that will be repurchased, or that there will be any repurchases at all pursuant to the Plan.