"We continue to believe that our stock is undervalued at itscurrent price and that the repurchase of our shares is a prudentinvestment that will increase shareholder value short term and longterm," says Glade M. Knight, chairman and chief executive officer,in a statement. "Our stock continues to trade at a discount to netasset value, and this situation provides us with an excellentopportunity to make another sizeable investment in the company forthe benefit of our shareholders."
The company plans to buy the shares on the open market at itsdiscretion. It has about 35.5 million common sharesoutstanding.
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