Monday, October 15, 2007
Manatron, Inc. the nation’s leading provider of integrated, enterprise-level property tax solutions for state and local governments announced that its Board of Directors has approved a new, $1 million stock repurchase program. The new authorization extends through October 31, 2008 and replaces the previous authorization which expires October 31, 2007. The Company has repurchased approximately $500,000 of its stock under the previous program.
The stock repurchased will be classified as “authorized but unissued” and all purchases shall be made from or through only one broker or dealer in any one day. Any purchase of the Company’s common stock will be made through a systematic program of open market purchases subject to availability, regulatory and other constraints, as well as general economic conditions.
“The Board of Directors and the officers of the Company agree that repurchasing our common stock represents an appropriate use of our cash," said Paul Sylvester, Manatron’s Chief Executive Officer. “We have made a lot of progress with our new GRM® suite of software and the execution of our business plan. However, in our opinion, this progress is not fully reflected in our valuation. Accordingly, we intend to buy stock opportunistically during the next 12 months enhancing long-term shareholder value.”
Press Release - Manatron, Inc.