Keweenaw Land Association Limited (OTCMKTS:KEWL) Stock On Radar After Latest News
This past Friday Keweenaw Land Association Limited (OTCMKTS:KEWL) had been in focus after it had made a major new announcement and that may bring the OTC listed stock into focus this morning. The company announced that its board of directors had granted the authorisation for a stock repurchase initiative.
Trading Data
On Friday, KEWL stock fell 2.38% to $20.50 with more than 1.09K shares, compared to its average volume of 472 shares. The stock moved within a range of $20.50 – 21.06 after opening trade at $21.06.
Keweenaw Land Association Announces New Stock Repurchase Program
The authorisation had been granted by the board after an enquiry had been made by one of the bigger shareholders in the company about stock repurchase options. As part of this initiative, the company may repurchase common shares of its own stock worth as much as $1 million. It was a major new announcement and one that could be seen as a significant positive by investors as well.
With regards to the initiative, Keweenaw Land Association Limited announced that it had gone into a 10b5-1 plan in the course of an open trading window when it was not in possession of material non-public information that may have facilitated the repurchase. It was also noted that from time to time the shares could also be bought in open market transactions at the going rate in the market. It may be a good move to keep an eye on the Keweenaw Land Association stock this week.
