Transcat's board authorizes repurchase of 80,000 shares at $6.90 per share
ROCHESTER,NY-The board of directors of Transcat Inc. , a distributor of handheld test and measurement instruments and provider of calibration, repair and weighing system services, approved on Monday the repurchase of 80,000 shares at $6.90 per share in privately-negotiated transactions, it said on Tuesday.
Related to an acquisition Transcat made in 2008 where shares were issued at USD6.90 per share for the acquired company, the $552,000 repurchase was financed with available cash and borrowings on its $15 million line of credit.
Additionally, the company stated that the credit line had $12.9 million available as of Sep. 25, 2010, and the company has about 7.3 million outstanding shares.
Related to an acquisition Transcat made in 2008 where shares were issued at USD6.90 per share for the acquired company, the $552,000 repurchase was financed with available cash and borrowings on its $15 million line of credit.
Additionally, the company stated that the credit line had $12.9 million available as of Sep. 25, 2010, and the company has about 7.3 million outstanding shares.
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