Malvern Bancorp, Inc. (NASDAQ:MLVF) Files An 8-K Submission of Matters to a Vote of Security Holders
ME Staff 8-k
Malvern Bancorp, Inc. (NASDAQ:MLVF) Files An 8-K Submission of Matters to a Vote of Security Holders Item 5.07
(a) The Annual Meeting of Shareholders (the “Annual Meeting”) of Malvern Bancorp, Inc. (the “Company”) was held on February 26, 2020.
(b) There were 7,765,549 shares of common stock of the Company eligible to be voted at the Annual Meeting and 7,033,749 shares were represented in person or by proxy at the Annual Meeting, which constituted a quorum to conduct business at the Annual Meeting.
The proposals voted upon at the Annual Meeting, all of which were approved, and the final voting results for each proposal, were as follows:
On February 28, 2020, Malvern Bancorp, Inc. (the “Company”), the parent company of Malvern Bank, National Association, issued a press release announcing that it has extended the timeframe for its current stock repurchase program in respect of shares of the Company’s common stock, as described in greater detail in Item 8.01 of this Current Report on Form 8-K. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information furnished under Item 7.01 and Item 9.01 of this Current Report on Form 8-K, including Exhibit 99.1 to this Current Report on Form 8-K, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities under that Section, nor shall it be deemed incorporated by reference in any registration statement or other filings of the Company under the Securities Act of 1933, as amended, except as shall be set forth by specific reference in such filing.
On February 26, 2020, the Company’s Board of Directors approved extending the timeframe for the Company’s current stock repurchase program from March 31, 2020 to December 31, 2020. To date, the Company has repurchased 16,863 of the 194,516 shares authorized for repurchase at an average cost of $19.95 per share, leaving 177,653 shares, or approximately 2.3% of the current outstanding stock, still available for repurchase.
Repurchases may be made from time to time in the open market, in privately negotiated stock purchases or to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission and applicable federal securities laws. Open market repurchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities Exchange Act of 1934, as amended, and the applicable legal requirements. Share repurchases will be made at the Company’s discretion at prices the Company considers attractive and in the best interests of the Company and its shareholders, subject to the availability of stock, general market conditions, trading price, alternate uses for capital and the Company’s financial performance. The stock repurchase program does not obligate the Company to acquire any particular amount of common stock, and it may be modified or suspended at any time at the Company’s discretion.
99.1 Press Release, dated February 28, 2020
The exhibits that are filed or furnished with this report are listed in the Exhibit Index that immediately follows the hereto, which list is incorporated herein by reference.
MALVERN BANCORP, INC. Exhibit EX-99.1 2 e1778_99-1.htm EXHIBIT 99.1 NEWS RELEASE 42 E. Lancaster Avenue Paoli,… To view the full exhibit click here
