Nov. 4, 2008 | Corporate
Seneca Foods Corporation (SENEA, SENEB) announced today that its Board of Directors has authorized a share repurchase program. The program permits the Company to buy up to 500,000 common shares, whether Class A or Class B shares, in open market or privately negotiated transactions at the discretion of management.
“At current prices, “said Kraig H. Kayser, President and Chief Executive Officer, “our Board considers our stock an attractive investment.“
The transactions will be made in accordance with rules and regulations of the U.S. Securities and Exchange Commission and other rules that govern such purchases. The purchase of 500,000 shares of stock would represent approximately 6.6% of the shares common stock outstanding or 4.1% assuming all convertible preferred shares are converted to common shares.