Loral Space & Communications Inc. [NASDAQ: LORL] today announced that its board of directors has approved a stock repurchase program under which the Company may repurchase up to 800,000 shares of its outstanding voting common stock. Loral had 21,207,448 shares of voting common stock and 9,505,673 shares of non-voting common stock outstanding as of October 31, 2011.
The repurchase program authorizes shares to be repurchased from time to time in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.
The actual timing, number and value of shares repurchased under the program will be determined by management in its discretion and will depend on a number of factors, including, among others, the availability of stock, general market and business conditions, the trading price of the stock and applicable legal requirements. Loral has no obligation to repurchase any shares under the authorization, and the repurchase program may be suspended, discontinued or modified at any time for any reason.
Loral Space & Communications is a satellite communications company. It is a designer and manufacturer of satellites and satellite systems for commercial and government applications including direct-to-home television, broadband communications, wireless telephony, weather monitoring and air traffic management. Loral also owns 64 percent of Telesat Canada, a global operator of telecommunications and direct broadcast satellites used to distribute video entertainment programming, broadband data, and provide access to Internet services and other value-added communications services. For more information, visit Loral's web site at.