Summary
Curtiss-Wright Corporation (CW) announced on May 21, 2018, the adoption of a written trading plan under Rule 10b5-1 to facilitate its previously authorized share repurchase program. This plan allows the company to buy back its own stock even during periods when it might otherwise be restricted from trading, such as during internal blackout periods or due to insider trading regulations. This is a proactive measure to manage its capital and return value to shareholders.
Key Highlights
- 1Curtiss-Wright adopted a Rule 10b5-1 trading plan on May 18, 2018, effective May 21, 2018.
- 2The trading plan supports a $50 million share repurchase program authorized by the Board of Directors on May 16, 2018.
- 3Share repurchases will be executed equally over the course of the year, concluding on December 31, 2018.
- 4The plan allows the company to repurchase shares during trading blackout periods or when restricted by insider trading laws.
- 5A third-party broker will manage the repurchases on behalf of the company according to the plan's terms.
- 6The company may implement subsequent trading plans after the current one expires.
- 7Details on share repurchases will be disclosed in future 10-Q and 10-K filings.
Frequently Asked Questions
A Rule 10b5-1 trading plan is a pre-arranged plan for buying or selling securities. Curtiss-Wright is adopting one to formally implement its $50 million share repurchase program. This plan allows the company to buy back its own stock even during times when it might be restricted from trading, ensuring a consistent approach to capital return.
The company plans to repurchase a total of $50 million worth of its common stock. These purchases will be spread evenly throughout the duration of the plan, which runs from May 21, 2018, to December 31, 2018.
The trading plan is executed by a selected broker who has the authority to repurchase shares on Curtiss-Wright's behalf. This allows the company to engage in repurchases even when it is subject to internal trading restrictions or insider trading regulations, providing a structured approach to the buyback program.
Information regarding the share repurchases conducted under this plan will be disclosed in Curtiss-Wright's subsequent periodic reports, specifically its Form 10-Q (quarterly) and Form 10-K (annual) filings with the SEC.