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'These repurchases are a great opportunity to return capital to shareholders consistent with our capital allocation strategy,' Salmon said in a statement when the stock repurchase was announced. The goal is that investors will consider those remaining shares to then be more valuable. The thinking behind buying stock back is that the overall value of a firm is spread out over a smaller number of shares. Not only is the size of the accelerated share repurchase transaction wholly insufficient, but the board did not even increase its existing authorization,' the firm said.ДЄbout $350 million will remain in the company's share repurchase authorization following the completion of the $50 million buyback.Д¬ompany boards typically authorize in advance a specific value of stock management can buy back to allow for flexibility in making opportunistic purchases. 'We deem Wednesday afternoon's announcement of $50 million in planned share repurchases to be an insult to investors. 'The share repurchases reflect the company's ongoing desire to provide current liquidity and create long-term value for its shareholders, while continuing to execute its flexible capital allocation strategy, including funding organic growth projects, opportunistic share repurchases, debt paydown and strategic acquisitions,' the company said when announcing the repurchase plans. 24 revealed a plan to buy back $50 million during the first fiscal year 2022 quarter.

'But right now clearly we're happy with the growth investment,' he said.Д«erry's board previously has authorized a repurchase of up to $400 million in company stock, and the company on Nov. So it's going to give us the wherewithal to have a very balanced capital allocation strategy over time,' Salmon said. 'Clearly, Berry is very fortunate to be an industry leader in terms of cash flow from operations with between $1.7 and $1.8 billion generated each year. Berry currently does not offer a dividend to shareholders, but Salmon did not rule that possibility out in the future. There are different ways a company can spend money to increase shareholder value, including capital expenditures, stock buybacks and dividends. This is a 37 percent increase over the last fiscal year.

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Berry, which lowered debt by $1 billion during the last fiscal year, moved within that range to 3.8 times EBITDA at the end of fiscal 2021 in late September.Д«erry expects about $800 million in capital spending during the current fiscal year - that's typically money used to maintain, upgrade and expand existing operations. Maintaining a debt ratio of 3.0 to 3.9 times earnings before interest, taxes, depreciation and amortization is a priority for the company.

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While Ancora criticized the amount of money Berry has signaled it can spend on buying back shares of stock, Salmon previously stressed the desire to be flexible in the use of free cash flow. As such, capital investment and growth continues to be a priority for us,' Salmon said. 'We built a capital allocation strategy that by design is meant to be flexible and return based.

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'It is now necessary to initiate a comprehensive review of strategic alternatives, including a full sale or go-private transaction,' Ancora states.Д«erry could not be immediately reached following the release of the Ancora letter, but CEO Tom Salmon talked about the company's use of free cash flow during a recent interview with Plastics News. While the investment firm believes Berry has a high-quality portfolio of products and a 'capable management team that deserves credit,' Ancora also labeled the company a chronic underperformer when it comes to stock value. into looking at alternatives to boost the value of the company, including the idea of selling.ДЄncora Holdings Group LLC of Cleveland is calling for 'real action to address the impediments to value creation that have compounded at Berry,' in a Nov. A shareholder is trying to pressure Berry Global Group Inc.

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