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Universal Insurance Holdings Inc. Message Board

  • guppy_in_a_shark_tank guppy_in_a_shark_tank Jun 4, 2013 10:09 AM Flag

    Bradley gets taken to the cleaners again ?

    sells another 1.36M at $4.50 on 5/30 to ??? The company maybe?

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    • He never gets taken to the Cleaners, and I'm happy to get him out !

      Sentiment: Hold

    • 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.

      Press Release:
      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."

      Sentiment: Hold

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