Image Entertainment OKs Buyback of 500,000 Shares
Image Entertainment Inc. has approved a buyback of an additional 500,000 shares of the company’s stock.
The Chatsworth-based concern is the nation’s largest distributor of laserdiscs. In January, 1995, the company approved an earlier buyback of up to 1 million shares of its common stock.
As part of the company’s most recent plan, Image Entertainment will purchase 138,000 shares of stock from the company’s chief executive Martin W. Greenwald at $5.8125 per share. After the buyback, Greenwald will own 652,274 shares.
To date, the company has repurchased 1.09 million shares during its buyback plan at an average price of $6.74 per share.
Image Entertainment has about 13.7 million shares of stock outstanding.
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