Free Submission Public Relations & NewsPR-inside.com
Home
Deutsch English

Business

Harbinger Group Commences $50 Million Share Repurchase Program


Print article Print article
Copyright © Thomson Reuters 2013. All rights reserved.
2013-08-14 22:33:01 -

Harbinger Group Commences $50 Million Share Repurchase Program

NEW YORK-August 14, 2013 -- Harbinger Group Inc. ("HGI" or the "Company";
NYSE:
HRG) today commenced the $50 million share repurchase program previously
authorized by its Board of Directors on August 8, 2013.

Omar  Asali,  HGI's  President  said,  "We  are initiating this Share Repurchase
Program  to opportunistically  capitalize on  the value  that we  see in the HGI
platform  and our underlying operating businesses. We are committed to realizing
and building long term value for all of our shareholders."

In accordance with the authorized program, the Company purchased 1.7 million
shares from one of the funds affiliated with Harbinger Capital Partners for an
aggregate purchase price of $12.325 million.  While the program 
authorizes the remaining $37.675 million of shares to be purchased from time to time in one or more open market or private transactions, the Company expects a significant portion of the remaining shares to be purchased in the open market. The manner of purchase, the number of shares to be purchased and the timing of purchases will be based on the price of HGI's common stock, general business and market conditions and applicable legal requirements, and is subject to the discretion of HGI's management. The Company expects to complete the purchase of the remaining $37.675 million of shares within 12 months. The program does not require HGI to purchase any specific number of shares or any shares at all, and may be suspended, discontinued or re-instituted at any time without prior notice. Forward Looking Statements "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995: Some of the statements contained in the Press Release and certain oral statements made by our representatives from time to time regarding the matters described herein, including the completion of the stock repurchase program and its related terms, are or may be forward-looking statements. Such forward- looking statements are based upon management's current expectations that are subject to risks and uncertainties that could cause actual results, events and developments to differ materially from those set forth in or implied by such forward-looking statements. These statements and other forward-looking statements made from time-to-time by HGI and its representatives describing the stock repurchase program and future plans, strategies and expectations of HGI, and are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans," "seeks," "estimates," "projects," "may" or similar expressions. Factors that could cause actual results, events and developments to differ include, without limitation, capital market conditions, the ability of HGI's subsidiaries (including, target businesses following their acquisition) to generate sufficient net income and cash flows to make upstream cash distributions, HGI and its subsidiaries ability to identify any suitable future acquisition opportunities, efficiencies/cost avoidance, cost savings, income and margins, growth, economies of scale, combined operations, future economic performance, conditions to, and the timetable for, completing the integration of financial reporting of acquired or target businesses with HGI or HGI subsidiaries, completing future acquisitions and dispositions, litigation, potential and contingent liabilities, management's plans, changes in regulations, taxes and the risks that may affect the performance of the operating subsidiaries of HGI and those factors listed under the caption "Risk Factors" in HGI's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, filed with the Securities and Exchange Commission. All forward- looking statements described herein are qualified by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. HGI does not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operation results. About Harbinger Group Inc. Harbinger Group Inc. ("HGI"; NYSE: HRG) is a diversified holding company. HGI's principal operations are conducted through companies that: offer life insurance and annuity products; branded consumer products (such as consumer batteries, residential locksets, residential builders' hardware, faucets, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, lawn, garden and home pest control products, personal insect repellents); provide asset-backed loans; and own energy assets. HGI is principally focused on acquiring controlling and other equity stakes in businesses across a diversified range of industries and growing its existing businesses. In addition to HGI's intention to acquire controlling equity interests, HGI may also from time to time make investments in debt instruments and acquire minority equity interests in companies. HGI is headquartered in New York and traded on the New York Stock Exchange under the symbol HRG. For more information on HGI, visit: www.harbingergroupinc.com. Source: Harbinger Group Inc. Investors: Harbinger Group Inc. Investor Relations Tara Glenn, 212-906-8560 investorrelations@harbingergroupinc.com or Media: Sard Verbinnen & Co Jamie Tully/Michael Henson, 212-687-8080 This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Harbinger Group Inc. via Thomson Reuters ONE [HUG#1723137]


Press Information:




Contact Person:


Disclaimer: © 2014 Thomson Reuters. The press releases or report contained herein is protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Thomson Reuters's, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. All reproduction, other than for an individual user's personal reference, is prohibited without prior written permission.
Latest News
Read the Latest News
www.newsenvoy.com

 


Terms & Conditions | Privacy | About us | Contact PR-inside.com