$REXI CEO Jonathan Cohen picked up 106K worth of shares over the past three days. This is his second purchase since January after he committed in December to start personally to resume buying shares. After the January acquisition, which was the exercising of options (Cohen retained all of the shares) I said I would like to see some open market pourchases. That is what we got with today’s filing.
Now, we should also point out that the Cohen’s just got $250M from the Atlas Pipeline deal so in no way are we satisfied or elated with this purchase. It is however keeping with his word and a good start. $REXI trades thin enough each day where a huge buy is not realistic so we will be watching to see if there is a consistent level of reoccurring purchases. $REXI also enacted a share repurchase program that if completed would effectively take 16% of the outstanding shares (at today’s prices) off the market.