Spark Energy Commences Preferred Stock Share Repurchase Program
Company Names Interim CFO
May 23, 2019 Email This Story Copyright 2010-19 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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Spark Energy, Inc. reported that, on May 22, the Board of Directors of the company appointed Nathan G. Kroeker, the Company’s current Chief Executive Officer, to also serve as Interim Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) while the Company searches for a permanent CFO.
In previously announcing Lane's departure, Spark said that Lane is leaving to pursue a new opportunity in a new industry
Spark Energy, Inc. also announced the commencement of a repurchase program (the "Repurchase Program") of its 8.75% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share (the "Preferred Stock").
The Company may make purchases of Preferred Stock under the Repurchase Program, if any, from the commencement of the program on May 20, 2019 through May 20, 2020, and there is no dollar limit on the amount of Preferred Stock that may be purchased. The Company may make purchases, from time to time, at prevailing prices in open market transactions or in negotiated purchases, subject to market conditions, share prices and other considerations. The Repurchase Program does not obligate the Company to make any repurchases and may be suspended for periods or discontinued at any time. The Company intends to fund the Repurchase Program through available cash balances as well as future operating cash flows.
"We achieved a strong first quarter to start 2019 and believe this is a good opportunity, given the current trading price of the Preferred Stock being under par value," said Nathan Kroeker, Spark's President and Chief Executive Officer. "We have strengthening liquidity and this program will allow us to retire Preferred Stock that has a significantly higher cost of capital than other sources available to us."