Invacare Buys 350K Shares From Chairman At $29.94/Share (IVC)

Invacare IVC today disclosed that the company bought 350K common shares at $29.94/share from from company's co-executive Chairman, Mal Mixon. On March 7, 2011, Invacare Corporation, based upon the authorization and approval of the Company's Board of Directors and a Special Committee of the Board of Directors comprised of independent and disinterested directors, entered into a share purchase agreement with A. Malachi Mixon, III, the Company's executive Chairman of the Board and a shareholder of the Company. Pursuant to the Agreement, Mr. Mixon sold to the Company 350,000 common shares of the Company at a price per share of $29.94. The Company funded the Repurchase with borrowings under its senior secured revolving credit facility.

As previously disclosed in Mr. Mixon's filings with the SEC, prior to the Repurchase, Mr. Mixon beneficially owned 2,566,099 common shares of the Company. The shares sold by Mr. Mixon to the Company in the Repurchase constitute approximately 14% of the Company common shares he beneficially owned prior to the Repurchase. Mr. Mixon informed the Company that the sale of his shares was for personal financial planning purposes and that he remains excited about the strategic direction of the Company.
The foregoing description of the Agreement is a summary and is qualified in its entirety by reference to the terms of the Agreement, which is attached hereto as Exhibit 10.1 and incorporated by reference herein. Item 8.01. Other Events.

The Repurchase was made pursuant to the Company's previously announced share repurchase program under which the Board of Directors had authorized the repurchase of up to 2,000,000 of the Company's common shares from time to time on the open market, in privately negotiated transactions or otherwise. Including the Repurchase, to date, the Company has purchased a total of 1,322,100 shares under the repurchase program, with authorization remaining to purchase 677,900 shares.
Item 9.01. Financial Statements and Exhibits.