28 February 2014
GenCorp Inc. (NYSE: GY) said it has adopted a written trading plan for the purpose of repurchasing up to USD55m worth of shares of its common stock in accordance with Rule 10b5-1.
A plan under Rule 10b5-1 allows companies to repurchase shares at times when it might otherwise be prevented from doing so by securities laws or because of self-imposed trading blackout periods. Repurchases made under the plan are subject to the Securities and Exchange Commission´s regulations as well as certain price, market, volume, and timing constraints specified in the plan.
Since repurchases under the plan are subject to certain constraints, there is no guarantee as to the exact number of shares that will be repurchased under the plan. The company´s board of directors authorized a share repurchase program of up to USD75m.
GenCorp is a leading technology-based manufacturer of aerospace and defense products and systems with a real estate segment that includes activities related to the entitlement, sale and leasing of its excess real estate assets. Its website is at http://www.GenCorp.com.