Brightpoint, Inc. (CELL), a distributor of wireless devices and customized logistic services to the wireless industry, said Friday it has signed a settlement agreement with one of its shareholders NC Telecom Holding A/S to repurchase 3 million Brightpoint shares for $15.5 million under the previously announced share repurchase program.
The company has only this share repurchase program in place currently and believes it will have sufficient liquidity to complete the program.
As per the agreement, Brightpoint's indemnification claims previously made against NC Holding pursuant to the Dangaard acquisition agreement have been settled. Additionally, according to the the agreement, NC Holding will no longer have the right to designate any candidate on the Brightpoint's board of directors and Thorleif Krarup, who has been designated by NC Holding, has agreed to resign immediately from the board of directors.
Brightpoint noted that, as of September 30, the company had nearly 82 million shares of common stock outstanding. At September 30, the company has repurchased 150,794 of shares at an average price of $6.31 per share under the previously announced share repurchase program, by which Brightpoint may purchase up to $50 million of common shares.
Upon the completion of the repurchase, Brightpoint will have repurchased over 3 million of Brightpoint shares for an aggregate of about $16.5 million and at an average purchase price of $5.22 per share under the share repurchase program. Following the completion of the repurchase, Brightpoint will have nearly 79 million shares of common stock outstanding. The company said the share repurchase program will expire on July 31, 2011.
CELL is currently trading at $7.84 per share, down 4.85%, on the Nasdaq.
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