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Shareholders' Equity
12 Months Ended
Jun. 30, 2019
Federal Home Loan Banks [Abstract]  
Shareholders' Equity

10. SHAREHOLDERS’ EQUITY

Employee and Directors Stock Option Plans —The 2011 Director Stock Option Plan was approved by SunLink’s shareholders at the Annual Meeting of Shareholders on November 7, 2011. This plan permits the grant of options to non-employee directors of SunLink for the purchase of up to 300,000 common shares through November 2021. No options were granted during the fiscal years ended June 30, 2019 and 2018, respectively. No options have been exercised under this plan. Options outstanding under the plan were 250,000 shares at June 30, 2019.  Options for 50,000 shares may be granted under this Plan.

The 2005 Equity Incentive Plan was approved by SunLink’s shareholders at the Annual Meeting of Shareholders on November 7, 2005. This plan permitted the grant of options to employees, non-employee directors and service providers of SunLink for the purchase of up to 800,000 common shares plus the number of unused shares under the 2001 Plans, which is 30,675, by November 2015. This Plan restricted the number of Incentive Stock Options to 700,000 shares and Restricted Stock Awards to 200,000 shares. The combination of Incentive Stock Options and Restricted Stock Awards cannot exceed 800,000 shares plus the number of unused shares under the 2001 Plans. Each award of Restricted Shares reduces the number of share options to be granted by four option shares for each Restricted Share awarded. No options have been exercised under this Plan. No options shares were granted during the fiscal years ended June 30, 2019 and 2018, respectively. Options outstanding under this Plan were 345,000 at June 30, 2019. No additional awards may be granted under this Plan.

The activity of Company’s share options is shown in the following table:

 

 

 

Number of

Shares

 

 

Weighted-

Average

Exercise Price

 

 

Range of

Exercise

Prices

 

Options outstanding June 30, 2017

 

 

680,142

 

 

$

1.80

 

 

$0.71 - $8.00

 

Granted

 

 

0

 

 

N/A

 

 

N/A

 

Forfeited

 

 

(29,142

)

 

 

8.00

 

 

 

8.00

 

Options outstanding June 30, 2018

 

 

651,000

 

 

$

1.52

 

 

$0.71 - $2.51

 

Granted

 

 

0

 

 

N/A

 

 

N/A

 

Forfeited

 

 

(56,000

)

 

 

1.46

 

 

$0.71 - $2.51

 

Options outstanding June 30, 2019

 

 

595,000

 

 

$

1.53

 

 

$0.71 - $2.09

 

Options exercisable June 30, 2018

 

 

636,000

 

 

$

1.52

 

 

$0.71 - $2.51

 

Options exercisable June 30, 2019

 

 

595,000

 

 

$

1.53

 

 

$0.71 - $2.09

 

 

For the fiscal years ended June 30, 2019 and 2018, the Company recognized $1 and $8, respectively, of compensation expense for share options issued. As of June 30, 2019, there was no unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plans.

Information with respect to stock options outstanding and exercisable at June 30, 2019 is as follows:

 

Exercise

Prices

 

 

Number

Outstanding

 

 

Weighted-Average

Remaining

Contractual Life

(in years)

 

 

Number

Exercisable

 

$

0.71

 

 

 

15,000

 

 

 

4.22

 

 

 

15,000

 

$

1.21

 

 

 

60,000

 

 

 

7.21

 

 

 

60,000

 

$

1.22

 

 

 

190,000

 

 

 

3.18

 

 

 

190,000

 

$

1.49

 

 

 

90,000

 

 

 

5.19

 

 

 

90,000

 

$

1.67

 

 

 

50,000

 

 

 

2.37

 

 

 

50,000

 

$

1.79

 

 

 

70,000

 

 

 

6.20

 

 

 

70,000

 

$

2.09

 

 

 

120,000

 

 

 

2.20

 

 

 

120,000

 

 

 

 

 

 

595,000

 

 

 

4.01

 

 

 

595,000

 

 

No options were exercised during the years ended June 30, 2019 and 2018. As of June 30, 2019 and 2018, the aggregate intrinsic value of options outstanding and options exercisable were $74 and $0, respectively.

 

 

Common Share Purchase Transactions

Common Share Purchase Tender Offer – On November 21, 2017. SunLink commenced a tender offer for the purchase of a portion of its common shares at a price of $1.60 per share (the “Offer”).  The offer expired on December 21, 2017 with 3,726,000 common shares tendered.  In accordance with the terms and conditions of the Offer, the Company accepted for payment a total of approximately 1,746,000 shares at a price of $1.60 per share for a total cost of $2,794, excluding fees and expenses relating to the offer.

Common Share Purchase – On June 5, 2018, the Company purchased 70,000 common shares for $1.40 per share, or $98 in total, from a director of the Company at a price equal to the closing price on that date of the Company’s shares on the NYSE American Exchange. This purchase was approved on June 1, 2018 by the Executive Committee of the Company’ Board of Directors.

Common Share Repurchase Program – On November 29, 2018, the Company announced a share repurchase program (“Program”) approved by its Board of Directors, which authorized the Company to purchase up to 300,000 shares of its common shares.  On December 13, 2018, the Company announced it had purchased the 300,000 shares authorized under the program, and that its Board of Directors had authorized an additional 450,000 shares to be purchased under the Program.  As of June 30, 2019, a total of 359,959 shares had been repurchased at a cost of $372, excluding fees and expensing relating to the Program. Additional shares of 390,041 remain authorized to be repurchased. The chart below shows by month the total shares repurchased and average price per share paid for the Program as of June 30, 2019.  

 

Total Shares

 

Average Price

 

Purchased

 

Per Share Paid

November 2018

 

1,235

 

$

1.14

December 2018

 

358,724

 

 

1.03

Total

 

359,959

 

$

1.03

Accumulated Other Comprehensive Loss —Information with respect to the balances of each classification within accumulated other comprehensive loss is as follows:

 

 

 

Minimum

Pension

Liability

Adjustment

 

 

Accumulated

Other

Comprehensive

Loss

 

June 30, 2017

 

$

(327

)

 

$

(327

)

Current period change

 

 

150

 

 

 

150

 

June 30, 2018

 

$

(177

)

 

$

(177

)

Current period change

 

 

(76

)

 

 

(76

)

June 30, 2019

 

$

(253

)

 

$

(253

)