P&F Industries announced that it has entered into an agreement whereby the company will repurchase 389,909 shares of its common shares from certain funds and accounts advised or sub-advised by Fidelity Management & Research Company or one of its affiliates in a privately negotiated transaction at approximately $7.62 per share for a total purchase price of $2,970,834. The repurchase is expected to close within the next one or two business days.
P&F Industries announced that effective, November 19, it repurchased 85,791 shares of its common stock from an unaffiliated seller in a privately negotiated transaction for approximately $8.14 per share for total purchase price of approximately $698,000. The purchase price was based on the average closing price over the three days prior to the November 16, date of agreement with the seller. Richard Horowitz, Chairman and CEO of the company, commented, "This transaction, which is in addition to our current 100,000 shares stock repurchase program that began in September 2018, enables us to make use of our capital to acquire a meaningful block of company shares at what we believe is a favorable price. The repurchase should be immediately accretive to earnings per share."
P&F Industries, announced that on September 12 its board of directors authorized the company to repurchase up to 100,000 shares of the company's Class A common stock from time to time over the next twelve months through a "10b5-1 trading plan", and potentially through open market purchases, privately-negotiated transactions, or otherwise in compliance with a Rule 10b-18 plan.