Crystal you're always droning on endlessly about "value"; yet if you had any clue about value you'd be all over ACAP like a bad suit, like I am.
Victor
Monday April 2, 8:29 am Eastern Time
Press Release
SOURCE: American Physicians Capital, Inc.
American Physicians Capital Announces Stock Buyback Plan
EAST LANSING, Mich., April 2 /PRNewswire/ -- American Physicians Capital, Inc. (APCapital) (Nasdaq: ACAP - news), a leading medical professional liability insurance company, announces that its board of directors approved a stock repurchase program authorizing the company to acquire up to 5 percent or approximately 600,000 shares of its common stock. Under this
program, the company may purchase its stock in the open market or through privately negotiated transactions. APCapital currently has approximately 11.6 million shares outstanding.
``A stock buyback program will be part of our multi-faceted approach to capital management,'' commented William B. Cheeseman, president and chief executive officer. ``We are committed to an aggressive capital management strategy that focuses on supporting profitable internal growth, executing
successful acquisitions, and now a stock buyback program,'' he continued. ``We believe this coordinated approach is an excellent opportunity to enhance shareholder value.''
American Physicians Capital, Inc. is a national provider of medical professional liability coverage and workers' compensation, through American Physicians Assurance Corporation, formerly Mutual Insurance Corporation Of
America, and its other subsidiaries. The group of companies is rated A- (Excellent) by A. M. Best and A by Standard & Poor's. Further information about the companies is available on the Internet at www.acaponline.com .
Forward-Looking Statement: Certain statements made by American Physicians Capital, Inc. in this release may constitute forward-looking statements within the meaning of the federal securities laws. While we believe any forward- looking statements we have made are reasonable, they are subject to risks and uncertainties, and actual results could differ materially. Readers are encouraged to refer to the press release announcing the company's results of operations for the quarter and year ended December 31, 2000, issued on February 26, 2001, and the risk factors contained therein. |
