Not to nitpick but shares "outstanding" includes all shares. You may be talking "float".......and that would be over 23%. I have seen this scenario many times usually as a prelude to taking a company private. It will be interesting to see how soon they buyback the $25 million....and then if they approve additional buyback. The writing may be on the wall. DaninFW
I always like to read between the lines. The BOD's wouldn't have approved this if they were the least bit worried about bond refi which means it's probably soon. On the downside, this is for privately negotiated repurchases. Good they are reducing shares outstanding but they aren't open market purchases which with the low volume of TVL won't effect stock price much. If they bought one million shares in next 2 weeks in open market stock would probably pop $1 plus whereas if they buy a million shares from a large holder we may not even know about it till they file next 10Q.....tells me some large sellers want out......DaninFW
Dan, Where do you get this stuff? I cut and pasted the applicable portion of the company's actual press release below. This program definitely includes open market purchases and is not indicative of large share holders wanting out. With stock up 20 cents as of writing, I wouldn't be surprised if the company was buying today. Good luck
LIN TV Corp. Announces Stock Repurchase Program 2011-11-07 14:11:00.453 GMT
LIN TV Corp. Announces Stock Repurchase Program
PROVIDENCE, R.I. -- November 07, 2011
LIN TV Corp. (“LIN Media”; NYSE: TVL) today announced that its Board of Directors has approved a stock repurchase program. Under the program, LIN Media is authorized to repurchase up to $25 million of its class A common stock over the next 12 months.
The Company expects the purchases to be made from time to time in the open market, in privately negotiated transactions or pursuant to a Rule 10b5-1 plan. The timing, price and volume of repurchases will be based on market conditions, relevant securities laws and other factors. The program may be amended, suspended or terminated at any time. The class A common stock acquired through the repurchase program will be held as treasury shares and may be used for general corporate purposes, including reissuances in connection with acquisitions, stock option exercises, or other employee and director stock plans.
The biggest news regarding the conference call (in my opinion) was the amount of Sr. Secured capacity that they have. They won't do a bond deal because they can just finance it with bank debt. This buyback is excellent news, I couldn't care less if they take out some institutional seller or go to the open market, regardless it's taking shares out. I criticize management teams when they do the wrong thing, so I have to give TVL management props for doing the right thing here. Although announcing and doing are not one in the same. Good job, very smart to take advantage of the markets.
belobuster, My goof! In reviewing "Re: Stock Repurchase Program" I see that I mentioned you as tvlbuster. The only thing that would have made me call you that was that this is the tvl board and my mind was thinking tvl. Take care! sanfrd