Air Transport Services Group has announced its board of directors has approved a USD150 million share buy-back scheme, offsetting its previously exhausted initiatives of the sort.
In a statement, ATSG disclosed it had resumed share repurchases in October 2022 under a previous board authorisation, acquiring 1.6 million, or almost 2% of its issued and outstanding shares as of September 30, 2022, through open-market and private transactions.
Before October, ATSG had been prohibited from share buybacks under provisions of a federal grant programme to offset pandemic effects on employment for passenger airlines.
"ATSG's board of directors believes that share repurchases, when used effectively as one component of a carefully considered capital allocation programme, are in the best interest of all shareholders of ATSG," commented ATSG President and Chief Executive Officer Rich Corrado.
The share repurchase authorisation does not require the company to repurchase a specific number of shares, and the board may terminate the repurchase programme at any time. Repurchases may occasionally be made on the open market or in privately negotiated transactions. The timing, price and volume of any such repurchases would be based on market conditions, relevant securities laws and other factors.
ATSG provides aircraft leasing, cargo and passenger air transport, and related services to US domestic and foreign air carriers and other companies that outsource their cargo and passenger airlift requirements.
Subsidiaries include ABX Air (GB, Wilmington Air Park), Airborne Global Solutions, Airborne Maintenance and Engineering Services, including its subsidiary Pemco World Air Services, ATI - Air Transport International (8C, Wilmington Air Park), Cargo Aircraft Management, and Omni Air International (OY, Tulsa International).
