Press Release....
Virgin Express Holdings plc Calls Shareholder Meeting To Approve Repurchase of Up to $15 million of Its Shares
PR Newswire - February 25, 1999 16:30
BRUSSELS, Belgium, Feb. 25 /PRNewswire/ -- Virgin Express Holdings, plc (Nasdaq: VIRGY; Brussels: VIR) announced today that it has called for an extraordinary meeting of shareholders to approve a plan for the company to repurchase up to $15 million of its outstanding shares. The extraordinary shareholders meeting is to be held 13 April 1999.
Under the plan, the company would initially purchase up to $7 million of stock, and subject to net earnings of at least $8 million in 1999, the company would be authorized to purchase up to the full $15 million amount. It is expected that the company will purchase the shares in the open market at times, prices and amounts to be determined from time to time.
"We believe the fundamentals of our business are sound and that our shares represent good value at current prices", said Chief Executive Jim Swigart. "We have no debt and a strong cash position; the repurchase of our shares should also be accretive to earnings per share," he added.
Details of the plan will be distributed to shareholders together with the notice of the meeting. Execution of the repurchase plan is also subject to compliance with various regulatory requirements.
With the exception of historical factual information, the statements made in this press release constitute forward-looking statements under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations and involve certain assumptions, risks and uncertainties that could cause actual results to differ materially from those included in or contemplated by the statements. The Company disclaims any obligation to update any forward-looking statements as a result of developments occurring after the issuance of this press release.
SOURCE Virgin Express Holdings, plc
/CONTACT: Jim Swigart +322-752-0518, or Brett Godfrey +322-752-0521, both
of Virgin Express Holdings, plc/
/Web site: virgin-exp.com
(VIRGY) |
