Horace Mann Authorizes Additional Share Repurchase
[Here is the authorization that we have been expecting. --Duker]
BusinessWire, Friday, May 14, 1999 at 09:06
SPRINGFIELD, Ill.--(BUSINESS WIRE)--May 14, 1999--Horace Mann
Educators Corporation (NYSE:HMN) announced today its Board of
Directors has authorized an additional $100 million for repurchase of
the company's common stock.
To date, Horace Mann has utilized $186 million of the $200 million
previously authorized by the Board; $100 million authorized in
February, 1997, and $100 million authorized in January, 1998. The $186
million repurchased in the program represents approximately 15% of the
Company's outstanding shares of common stock as of December 31, 1996.
Shares may be purchased using the remaining portion of the 1998
authorization and any or all of the newly-authorized $100 million from
time-to-time in the open market and in private purchases, as
available.
If the entire $100 million of the 1999 authorization is utilized,
at current market prices, the shares repurchased would represent
approximately an additional 10% of the Company's currently outstanding
shares of common stock.
Founded in 1945 and headquartered in Springfield, Ill., Horace
Mann sells retirement annuities, automobile, homeowners, and life
insurance to the nation's educators through an exclusive sales force
of more than 1,100 agents.
CONTACT: Horace Mann Educators Corporation, Springfield
J. Michael Henderson
Vice President & Treasurer
(217) 788-5708
horacemann.com
KEYWORD: ILLINOIS
INDUSTRY KEYWORD: EDUCATION INSURANCE
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