Truett-Hurst, Inc. announces an Equity Buyback for 1,000,000 shares, representing 13.38% for $2.4 million.
January 15, 2019 at 02:40 am IST
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Truett-Hurst, Inc. (NasdaqCM:THST) announces a share repurchase program. Under the program, the company will repurchase up to 1,000,000 shares including shares issuable upon exchange of the LLC units, representing 13.38% of the issued and outstanding share capital, for a maximum value of $2.4 million. The shares will be purchased at a price of $2.40 per share. The purpose of repurchase program is to return cash to shareholders and provide them liquidity. The repurchased shares will be canceled. The repurchase program will be funded from cash resources available with the company. If more than maximum number of shares are tendered, then the company will repurchase all odd lots of less than 100 shares from stockholders and then will purchase shares on a pro rata basis. The repurchase program is veil till February 11, 2019, unless extended. As of January 7, 2019, the company had 4,588,087 shares, 161,766 stock options and awards of shares and 2,726,486 LLC units exchangeable for shares in issue and outstanding.
Truett-Hurst, Inc. is a holding company for H.D.D. LLC (the LLC). The Company is a producer of luxury wines and operates two wine tasting rooms and leases a winery where wine is produced from many varieties of grapes principally grown or purchased in Sonoma Countyâs Dry Creek Valley and Russian River Valley appellations. The Company has a space for wine production within a custom crush facility located in Santa Rosa, California. The Company operates its direct to consumer (the DTC) business in Healdsburg, California. The DTC channel consists of sales of products produced by the Company through its own tasting rooms, wine clubs and websites. Its wine portfolio offers a range of single vineyards and blends.