West Marine founder, chairman and largest shareholder, Randy Repass, has set up a plan to repurchase a large portion of the company’s stock.
Repass set up a buying plan with RBC Capital to add to his holdings of 6.3 million shares, which represent 28.8 percent of West Marine shares outstanding, according to a report in the San Jose Mercury News.
Repass said in a Securities and Exchange Commission filing that he set up the plan because he considers the stock “undervalued and an attractive investment opportunity.”
The plan resulted in the purchase last week by Repass of 88,000 more shares for $370,984, or an average of $4.22 each. West Marine shares have lost about 45 percent of their value so far this year and touched an all-time low of $3.40 July 11, the newspaper reports. The stock closed Friday at $4.95.
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