Brad and Norm are hardly being taken to the cleaners.
Brad has over 200 million in the bank now and daddy has half that.
The Meier family is now the wealthiest in south florida and can be seen at Heat games in 15k dollar
courtside seat. Miami Heat -2013 NBA champions.
This is from April 1, 2013 press release( see Below). As stated I believe UVE should be the buyer fro his shares at the price as you mentioned. UVE has right of first refusal for all shares until December 31, 2014. The thing that bothers me why does UVE not issue a press release perhaps Because Philip Kruntz at Dresdner is away on vacation. So sad such a good company going down the drums for lack of communication.
I am hopeful is someone at the company read this they shall issue something for the market. Wake up buddy.
Universal Insurance Holdings, Inc. (Company) (NYSE MKT: UVE), a vertically integrated insurance holding company, announced that it has completed a repurchase of 2,000,000 shares of the Company's common stock held by Bradley I. Meier, the Company's former Chief Executive Officer, for an aggregate purchase price of $8,040,000 ($4.02 per share) in a privately negotiated transaction. The Company has agreed to repurchase an additional 2,000,000 shares of common stock from Mr. Meier for the same aggregate repurchase price on or before June 1, 2013. Mr. Meier has also granted the Company a right of first refusal, which is effective through December 31, 2014, on any future sales of his shares of Company common stock to a third party.
President and CEO Sean Downes commented, "The repurchase of shares from Mr. Meier provides us an opportunity to buy back shares at a discount to current stock price, while facilitating the orderly sale of shares by a large shareholder. Based on the Company's current outstanding share count, today's repurchase of two million shares reduces the Company's outstanding shares by approximately 4.9 percent, while the additional future repurchase of two million shares will reduce the outstanding shares by another 4.9 percent, for an aggregate reduction of 9.8 percent. The transaction underscores the Company's solid financial position and our belief in the long-term growth prospects that lie ahead."