Denny’s Corporation (NASDAQ: DENN) today announced the adoption of a pre-arranged stock trading plan for the purpose of repurchasing a limited number of Denny’s Corporation (the “Company”) common stock in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934 and the Company’s policies regarding stock transactions. This plan has been established in accordance with, and as a part of, the Company’s stock repurchase program previously announced on November 9, 2010.
Rule 10b5-1 allows a company to adopt a written, pre-arranged stock trading plan at a time when it does not have material, non-public information and avoid concerns about whether it had material, non-public information at the time of the repurchase transactions pursuant to the plan.
Repurchases under the Company’s 10b5-1 plan will be administered through an independent broker. The plan will cover the repurchase of shares commencing no earlier than January 13, 2011 and expiring June 14, 2011. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints specified in the plan.
Denny’s is one of America’s largest full-service family restaurant chains, currently operating over 1,600 franchised, licensed, and Company-owned restaurants across the United States, Canada, Costa Rica, Mexico, Guam, Honduras, Puerto Rico and New Zealand. For further information on Denny’s, including news releases, links to SEC filings and other financial information, please visit the Denny’s investor relations website.