Beasley Buys Back Shares, Cancels Dividends
December 12, 2008 at 2:05 PM (PT)
BEASLEY BROADCAST GROUP has bought back 1,078,410 shares of its common stock at $1 per share in a privately negotiated deal pursuant to its prior share repurchase authorization. The shares will be held in the Company's treasury for possible future use.
In addition, Chairman and CEO GEORGE G. BEASLEY also purchased 1,078,410 common shares at $1 per share. The shares purchased by both the company and BEASLEY became available after a block trade of shares was not completed by the purchaser.
In addition, the Board of Directors of the company has suspended the payment of quarterly cash dividends on its Class A and Class B common stock.
BEASLEY said, "The canceled trade of approximately 9% of the Company's outstanding shares presented an opportunity to act under our repurchase program at a time when we believe BEASLEY BROADCAST GROUP shares are undervalued. Since the inception of BEASLEY BROADCAST GROUP's repurchase program four years ago, the Company has repurchased about 2.6 million shares for a total of $13.8 million, while also allocating capital to debt reduction, station programming and HD Radio
conversions, BEASLEY interactive initiatives and the payment of quarterly dividends. We will continue to manage the Company with the goal of actively supporting initiatives to enhance shareholder value."