Sioux City-Terra Industries Inc. said May 8 that its board of directors has approved the extension and expansion of its share repurchase program. The current share repurchase program, scheduled to expire on June 30, 2008, was instituted on April 25, 2006, and allowed for the repurchase of up to 10 percent (or approximately 9.5 million shares) of Terra’s outstanding common stock. As of March 31, 2008, Terra had repurchased 6.7 million shares at an average price of approximately $16.00 per share. The new program, adopted May 6, allows for the repurchase of an additional 10 million shares and extends the program through June 30, 2010. It carries over the balance of 2.7 million unpurchased shares for a total authorization of approximately 12.7 million shares, representing 14 percent of Terra’s current outstanding shares. The stock buyback program will be conducted on the open market, in private transactions, or otherwise at such times prior to June 30, 2010, and at such prices as determined appropriate by Terra and according to applicable legal and regulatory requirements. Purchases may be commenced or suspended at any time without notice.
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