NOVATO, Calif., May 16, 2019 /PRNewswire/ -- Hennessy
Advisors, Inc. (NASDAQ: HNNA) today repurchased 422,692 shares of
its common stock at $9.50 per share
in a privately negotiated transaction. This repurchase represents
approximately 5.3% of shares outstanding and was made pursuant to
the Company's 2010 stock buyback program.
"Our Board and senior management team strongly believe that the
current stock price does not reflect the Company's financial
strength or long-term growth potential, and as such, offers an
outstanding value," said Neil
Hennessy, Chairman and CEO of Hennessy Advisors, Inc. "We
have grown and maintain a very healthy cash position on our balance
sheet, and we believe this repurchase is a strong strategic use of
a portion of available cash. We also believe the repurchase
illustrates our confidence in the underlying strength of our
business and our long-standing commitment to delivering shareholder
value."
About Hennessy Advisors, Inc.
Hennessy Advisors, Inc.
is a publicly traded investment manager offering a broad range of
domestic equity, multi-asset, and sector and specialty mutual
funds. Hennessy Advisors, Inc. is committed to its consistent and
repeatable investment process, combining time-tested stock
selection strategies with a highly disciplined, team-managed
approach, and to superior service to shareholders.
Supplemental Information
Nothing in this press release
shall be considered a solicitation to buy or an offer to sell a
security to any person in any jurisdiction where such offer,
solicitation, purchase or sale would be unlawful under the
securities laws of such jurisdiction.
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SOURCE Hennessy Advisors, Inc.