Preformed Line Products Company (NASDAQ:PLPC) Files An 8-K Entry into a Material Definitive AgreementITEM 1.01
On December 13, 2017, Preformed Line Products Company (the “Company”), upon the approval of the Audit Committee of the Board of Directors, purchased 15,000 Common Shares of the Company from a trust for the benefit of Barbara P. Ruhlman, of which Robert G. Ruhlman and Randall M. Ruhlman act as co-trust advisors with respect to the investment and voting of the Company’s shares held by the trust, at a price per share of $78.68. Barbara P. Ruhlman is Director Emeritus of the Company’s Board of Directors, and the mother of Robert G. Ruhlman and Randall M. Ruhlman and grandmother of J. Ryan Ruhlman and Maegan A. Ruhlman, of which Robert G. Ruhlman, J. Ryan Ruhlman and Maegan A. Ruhlman are members of the Board of Directors. Robert G. Ruhlman is Chairman, President and Chief Executive Officer of the Company, and J. Ryan Ruhlman is Vice President – Marketing and Business Development. The purchase was consummated to a Shares Purchase Agreement dated December 13, 2017, between the Company and the trust to facilitate administration of the trust. A copy of the Shares Purchase Agreement is attached hereto as Exhibit 10.1.
In November and December 2017, the Company also repurchased an aggregate of 43,074 shares, upon the approval of the Audit Committee, from certain executive officers, directors and a significant shareholder of the Company.
On December 13, 2017, the Board of Directors updated the Company’s repurchase program for its Common Shares approved in February 2016 to increase the program to a total of 250,000 shares available for repurchase as of December 13, 2017 with no expiration date.
| ITEM 7.01 | Regulation FD Disclosure. |
The information set forth under Item 1.01 is incorporated by reference herein.
| ITEM 9.01 | Financial Statements and Exhibits |
| Exhibit No. | Description |
| 10.1 | Shares Purchase Agreement, Trust |
PREFORMED LINE PRODUCTS CO ExhibitEX-10.1 2 tv481424_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 SHARES PURCHASE AGREEMENT THIS SHARES PURCHASE AGREEMENT is made and entered into on December 13,…To view the full exhibit click here
About Preformed Line Products Company (NASDAQ:PLPC)
Preformed Line Products Company (PLPC) is a designer and manufacturer of products and systems employed in the construction and maintenance of overhead and underground networks for the energy, telecommunication, cable operators and information industries. The Company’s products include Formed Wire and Related Hardware Products, Protective Closures, Plastic Products and Other Products. The Company operates through four segments: PLP-USA (including corporate), The Americas (includes operations in North and South America without PLP-USA), EMEA (Europe, Middle East and Africa) and Asia-Pacific. The Company’s PLP-USA segment consists of its United States operations manufacturing its traditional products primarily supporting its domestic energy, telecommunications and solar products. Its other three segments, The Americas, EMEA and Asia-Pacific, support its energy, telecommunications, data communication and solar products in each respective geographical region.
