Survey Results: Stock Repurchase Practices
 1. Does your company use a Rule 10b5-1 plan for
corporate buybacks: (Total responses: n=31)
(select only one) |
| n=18 (58.06%) |
Yes |
| n=13 (41.94%) |
No |
2. If your company
uses a Rule 10b5-1 plan for corporate buybacks, does the company
publicly disclose the adoption of the plan: (Total responses:
n=19)
(select only one) |
| n=6 (31.58%) |
Yes |
| n=13 (68.42%) |
No |
3. If your company
uses a Rule 10b5-1 plan for corporate buybacks, is there a waiting
period between execution of the Rule 10b5-1 plan and the first
repurchase: (Total responses: n=19)
(select only one) |
| n=11 (57.89%) |
No |
| n=6 (31.58%) |
Yes, and it is the same waiting period that our insiders use in
connection with their Rule 10b5-1 plans |
| n=2 (10.53%) |
Yes, we have a waiting period - but it's not the same as the
waiting period for insiders |
4. If your company
uses a Rule 10b5-1 plan for corporate buybacks, what is the typical
duration of the plan: (Total responses: n=19)
(select only one) |
| n=8 (42.11%) |
Approximately equal to the blackout period |
| n=4 (21.05%) |
2 months to less than 6 months |
| n=6 (31.58%) |
6 months to less than 12 months |
| n=1 (5.26%) |
12 months or greater |
5. If your company
uses a Rule 10b5-1 plan for corporate buybacks, are purchases made only
during the company's blackout periods: (Total responses: n=19)
(select only one) |
| n=7 (36.84%) |
Yes, plan purchases are made only during the blackout periods
|
| n=12 (63.16%) |
No, sometimes we make plan purchases outside the blackout periods
too |
6. If your company
uses a Rule 10b5-1 plan for corporate buybacks, does it enter into a
plan: (Total responses: n=19)
(select only one) |
| n=1 (5.26%) |
Once per year that covers all of the blackout periods for the
year |
| n=3 (15.79%) |
More than once per year, one for each blackout period |
| n=15 (78.95%) |
On an ad hoc basis |
7. If your company
uses a Rule 10b5-1 plan for corporate buybacks, has it implemented more
than one plan at a time for repurchases: (Total responses: n=19)
(select only one) |
| n=1 (5.26%) |
Yes |
| n=18 (94.74%) |
No |
8. Has your
company used accelerated share repurchase (ASR) programs for corporate
buybacks: (Total responses: n=31)
(select only one) |
| n=12 (38.71%) |
Yes |
| n=19 (61.29%) |
No |
9. If your company
has used ASRs, has your company announced the ASR programs separately
from any general announcement of a buyback authorization: (Total
responses: n=14)
(select only one) |
| n=5 (35.71%) |
Always |
| n=5 (35.71%) |
Never |
| n=4 (28.57%) |
Depends on size of the ASR |
10. If your
company has used ASRs, has there been a waiting period between execution
of the ASR and the start of its valuation period: (Total
responses: n=13)
(select only one) |
| n=1 (7.69%) |
Yes, and it is the same period we use for 10b5-1 buyback plans |
| n=2 (15.38%) |
Yes, but it is not the same period we use for 10b5-1 buyback
plans |
| n=10 (76.92%) |
No |
11. Has your
company used other derivatives (e.g. call options, capped calls,
"Sub-VWAP forward" or other forward purchases) for corporate buybacks: (Total responses: n=30)
(select only one) |
| n=3 (10.00%) |
Yes |
| n=27 (90.00%) |
No |
|
