NPTE » Topics » Common Stock

These excerpts taken from the NPTE 10-K filed Mar 31, 2008.
Common Stock
 
In August 2006, the Company’s Board of Directors authorized the repurchase of up to $5,000,000 of the Company’s outstanding common stock. Under this program, repurchases may be made from time to time in the open market at prevailing market prices or through privately negotiated transactions in accordance with the Rule 10b5-1 under the Securities Exchange Act of 1934. The repurchase program has a twenty-four month time limit, and the timing and actual number of shares to be repurchased will depend on a variety of factors, including corporate and regulatory requirements, price, and other market conditions. During the year ended December 31,


106


 

 
North Pointe Holdings Corporation and Subsidiaries
 
Notes to Consolidated Financial Statements — (Continued)
 
2007, the Company had repurchased 209,000 shares of common stock and approximately $2,875,000 of shares may yet be purchased under the program. Prior to 2007, no shares had been repurchased under this program.
 
On June 5, 2007, the Company granted a restricted stock award to non-employee directors amounting to 6,000 shares and having a fair value of $67,000.
 
On June 22, 2006, the Company granted a restricted stock award to non-employee directors amounting to 6,000 shares and having a fair value of $48,000.
 
On September 28, 2005, the Company completed an initial public offering of 4,000,000 shares of common stock at $12.00 per share. On November 15, 2005, the Company issued another 225,000 shares at $12.00 per share resulting from the underwriters exercising the over-allotment option granted in connection with the initial public offering. There were no selling shareholders. Total proceeds to the Company amounted to $44,270,000, net of the underwriting discount of $3,549,000 and $2,881,000 of expenses related to the offering.
 
An 8.49-for-one common stock split was completed prior to the initial public offering in 2005. All common share data disclosures reflect the stock split. Also in conjunction with the initial public offering, the Company filed amended and restated articles of incorporation which increased the authorized common shares from 10,000,000 to 50,000,000.
 
On September 28, 2005, the Company granted a restricted stock award to an executive amounting to 2,500 shares and having a fair value of $30,000.
 
Common
Stock



 



In August 2006, the Company’s Board of Directors authorized
the repurchase of up to $5,000,000 of the Company’s
outstanding common stock. Under this program, repurchases may be
made from time to time in the open market at prevailing market
prices or through privately negotiated transactions in
accordance with the
Rule 10b5-1
under the Securities Exchange Act of 1934. The repurchase
program has a twenty-four month time limit, and the timing and
actual number of shares to be repurchased will depend on a
variety of factors, including corporate and regulatory
requirements, price, and other market conditions. During the
year ended December 31,





106





 





 




North
Pointe Holdings Corporation and Subsidiaries




 




Notes to
Consolidated Financial
Statements — (Continued)


 



2007, the Company had repurchased 209,000 shares of common
stock and approximately $2,875,000 of shares may yet be
purchased under the program. Prior to 2007, no shares had been
repurchased under this program.


 



On June 5, 2007, the Company granted a restricted stock
award to non-employee directors amounting to 6,000 shares
and having a fair value of $67,000.


 



On June 22, 2006, the Company granted a restricted stock
award to non-employee directors amounting to 6,000 shares
and having a fair value of $48,000.


 



On September 28, 2005, the Company completed an initial
public offering of 4,000,000 shares of common stock at
$12.00 per share. On November 15, 2005, the Company issued
another 225,000 shares at $12.00 per share resulting from
the underwriters exercising the over-allotment option granted in
connection with the initial public offering. There were no
selling shareholders. Total proceeds to the Company amounted to
$44,270,000, net of the underwriting discount of $3,549,000 and
$2,881,000 of expenses related to the offering.


 



An 8.49-for-one common stock split was completed prior to the
initial public offering in 2005. All common share data
disclosures reflect the stock split. Also in conjunction with
the initial public offering, the Company filed amended and
restated articles of incorporation which increased the
authorized common shares from 10,000,000 to 50,000,000.


 



On September 28, 2005, the Company granted a restricted
stock award to an executive amounting to 2,500 shares and
having a fair value of $30,000.


 




This excerpt taken from the NPTE 10-K filed Mar 30, 2007.
Common Stock
 
In August 2006, the Company’s Board of Directors authorized the repurchase of up to $5,000,000 of the Company’s outstanding common stock. Under this program, repurchases may be made from time to time on the open market at prevailing market prices or through privately negotiated transactions in accordance with the Rule 10b5-1 under the Securities Exchange Act of 1934. The repurchase program has a twenty-four month time limit, and the timing and actual number of shares to be repurchased will depend on a variety of factors, including corporate and regulatory requirements, price, and other market conditions. During the year ended December 31, 2006, the purchased no shares under this program.
 
On June 22, 2006, the Company granted a restricted stock award to non-employee directors amounting to 6,000 shares and $48,000.
 
On September 28, 2005, the Company completed an initial public offering of 4,000,000 shares of common stock at $12.00 per share. On November 15, 2005, the Company issued another 225,000 shares at $12.00 per share resulting from the underwriters exercising the over-allotment option granted in connection with the initial public offering. There were no selling shareholders. Total proceeds to the Company amounted to $44,270,000, net of the underwriting discount of $3,549,000 and $2,881,000 of expenses related to the offering.
 
An 8.49-for-one common stock split was completed prior to the initial public offering in 2005. All common share data disclosures reflect the stock split. Also in conjunction with the initial public offering, the Company filed amended and restated articles of incorporation which increased the authorized common shares from 10,000,000 to 50,000,000.
 
On September 28, 2005, the Company granted a restricted stock award to an executive amounting to 2,500 shares and having a fair value of $30,000.
 
On June 30, 2004, the Company repurchased all of the common shares (339,600 shares) owned by the preferred shareholder for $1,600,000 in conjunction with the buy back of the preferred stock as discussed below. The Company paid a total of $4,488,000 for the common and preferred stock held by the preferred shareholder and allocated the purchase price based on the estimated fair value of the common stock with the residual value allocated to the preferred stock.
 
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