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Sport-Haley BOD authorizes modified 'Dutch Auction' tender offer
28 Dec '06
3 min read
Sport-Haley Inc announced that the Board of Directors (BOD) has approved commencing a modified "Dutch Auction" tender offer under the terms of which the Company will repurchase up to 472,000 shares of its common stock at a price per share not greater than $5.30 and not less than $4.80.
This would represent the repurchase of approximately 17 percent of its outstanding common stock as of December 15, 2006.
The tender offer is expected to commence on January 3, 2007, and to expire, unless extended, at 12:00 midnight Eastern Standard Time on February 1, 2007. Under the tender offer, shareholders will be able to indicate how many shares and at what price within the Company specified range they wish to tender.
Based on the number of shares tendered and the price specified by the tendering shareholders, the Company will determine the lowest price per share within the range that will enable it to purchase up to approximately 472,000 shares of common stock, or such lesser number of shares as are properly tendered and not withdrawn.
The Company will not purchase shares from a shareholder below a price stipulated by that shareholder, and in some cases, may actually purchase shares at prices above indications by shareholders under the terms of the tender offer. The tender offer is not contingent upon any minimum number of shares being tendered.
The Company's directors and officers will not tender any of their shares in the tender offer. The Company intends to repurchase shares in the tender offer using cash on hand. If all 472,000 shares are purchased in the tender at the maximum price of $5.30 per share, approximately $2,501,600 in cash would be required.
This would represent the repurchase of approximately 17 percent of its outstanding common stock as of December 15, 2006.
The tender offer is expected to commence on January 3, 2007, and to expire, unless extended, at 12:00 midnight Eastern Standard Time on February 1, 2007. Under the tender offer, shareholders will be able to indicate how many shares and at what price within the Company specified range they wish to tender.
Based on the number of shares tendered and the price specified by the tendering shareholders, the Company will determine the lowest price per share within the range that will enable it to purchase up to approximately 472,000 shares of common stock, or such lesser number of shares as are properly tendered and not withdrawn.
The Company will not purchase shares from a shareholder below a price stipulated by that shareholder, and in some cases, may actually purchase shares at prices above indications by shareholders under the terms of the tender offer. The tender offer is not contingent upon any minimum number of shares being tendered.
The Company's directors and officers will not tender any of their shares in the tender offer. The Company intends to repurchase shares in the tender offer using cash on hand. If all 472,000 shares are purchased in the tender at the maximum price of $5.30 per share, approximately $2,501,600 in cash would be required.
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