CORAL GABLES, Fla., March 11 (Reuters) - Sunglass Hut
International Inc said its board had authorized the company to
buy back up to 7.5 million of its common shares.
The company said the board authorized management to make
the repurchases at its discretion, from time to time, on the
open market or in privately negotiated block transactions, as
well as to sell put options.
The stock repurchase and sales of put options would be
based on management's assessment of Sunglass Hut's capital
structure and liquidity, the market price of Sunglass Hut's
stock compared to management's assessment to the underlying
value, as well as regulatory, accounting and other factors.
In a statement, Sunglass Hut Chairman James Hauslein said,
"The repurchase program reflects the board's belief that, at
recent prices, Sunglass Hut shares are an attractive long-term
investment for the company and its shareholders."
At March 10, 1998, the Company had 54.7 million shares of
common stock outstanding.
The stock closed at 9-3/4, up 21/64 on the day Wednesday,
within range of its 52-week high of 10-7/16. It made the
announcement in conjunction with a sweeping restructuring plan. |
