The Inflation Reduction Act of 2022 implemented an excise tax on corporations equal to 1% of the fair market value of stock repurchased during each taxable year, netted against the value of shares issued (including for stock-based compensation). The IRS followed up with more detailed guidance. The ... >>>Read More
Apples and Oranges: Calculating and Comparing Repurchase Prices Is More Interesting than You Think
It is easy to compute a number for repurchase price per share: cash spent on buybacks divided by number of shares retired. For better informed decision-making, a more complete economic analysis of share repurchase programs that take place over time should reflect both (1) interest income, which has ... >>>Read More
Breaking News: No mandatory cooling-off period required for issuer 10b5-1 repurchases
The U.S. Securities and Exchange Commission (SEC) today adopted amendments to its Rule 10b5-1 under the Securities Exchange Act of 1934 (Rule 10b5-1). Though the SEC had proposed a “cooling off” period for issuers when the amendments were initially proposed last year, the final ... >>>Read More
ASR VWAP Discount: Are You Receiving The Best Price?
Matthews South has advised clients on $80bn of share repurchase to date and ~30% of ASRs in 2022. This experience, coupled with our proprietary software, gives us an unrivaled ability to help our clients achieve the best ASR pricing. In this blog, we present updated statistics on the pricing of ... >>>Read More
Resurgence of Accelerated Share Repurchase (ASRs)
2022 has been a banner year for ASRs with greater volume through the first three quarters than the corresponding period in any year in recent history. There have been 77 ASRs for a total of $73.5bn during this period. ASR terms for companies have never been better given high volatility and rising ... >>>Read More
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