Current Price – $7.46
Offer Price – $7.68
Upside – 3% or $22
Expiration date – 30 September 2014 (extended on 29 August)
The offer is only for Odd lot holders
Summary:
Farmers National Banc Corp., (NASDAQ: FMNB) Canfield, Ohio, announced today that its Board of Directors has approved a voluntary odd-lot buy back program (“Program”). The Company is offering to purchase shares from shareholders who own 99 or fewer shares of the Company’s common stock on or after July 29, 2014, the effective date for the Program, through the intended expiration date on August 29, 2014, and who continue to hold such shares, at a price of $7.68 per share, subject to the Program’s terms and conditions. The Program provides Farmers with the potential to reduce shareholder servicing and administrative costs. The voluntary Program also recognizes the inconvenience or potential costs that can deter shareholders from purchasing or selling fewer than 100 shares. The Company will pay all costs associated with the Program. As of July 29, 2014, there were approximately 18,780,980 shares of our common shares issued and outstanding, and approximately 4,669 record holders of our common shares. As of July 23, 2014, approximately 1,463, or 31%, of our record holders owned 99 or fewer of our common shares, representing a total of approximately 38,596 shares eligible for purchase under the Program.
No proration for Odd Lot holders:
The offer is being made only for odd lot holders
Source of Funds:
Not indicated