GROSSE POINTE FARMS, Mich.,
Sept. 14, 2017 /PRNewswire/ -- Saga
Communications, Inc. (NYSE American: SGA) today announced that, to
facilitate the repurchase of shares of its Class A Common Stock
under the Company's stock buy-back program, its Board of Directors
has authorized the repurchase of its Class A Common Stock under its
trading plan adopted pursuant to Securities and Exchange Commission
Rule 10b5-1. The Rule 10b5-1 repurchase plan allows the
Company to repurchase its shares during periods when it would
normally not be active in the market due to its internal trading
blackout periods. Under the plan, the Company may repurchase
its Class A Common Stock in any combination of open market, block
transactions and privately negotiated transactions subject to
market conditions, legal requirements including applicable SEC
regulations (which include certain price, market, volume and timing
constraints), specific repurchase instructions and other corporate
considerations. Purchases under the plan will be funded by
cash on the Company's balance sheet. The plan does not
obligate Saga to acquire any particular amount of Class A Common
Stock. The authorization announced today is effective until
September 1, 2018, but may be
suspended, extended or amended at any time at the Company's
discretion.
The Company's stock buy-back program, which has been in place
since 1998, currently has remaining authorization of approximately
$23 million for repurchases of the
Company's Class A Common Stock. The Company has repurchased
approximately $52 million in shares
during the term of the program.
Saga is a broadcasting company whose business is devoted to
acquiring, developing and operating broadcast properties.
Saga owns or operates broadcast properties in 26 markets, including
75 FM, 33 AM radio stations and 64 metro signals. For additional
information, contact us at (313) 886-7070 or visit our website at
www.sagacom.com.
This press release contains certain forward-looking statements
that are based upon current expectations and involve certain risks
and uncertainties within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Words such as "believes,"
"expects," "anticipates," "guidance," "intent" and similar
expressions are intended to identify forward-looking
statements. Key risks, including risks associated with Saga's
ability to effectively integrate the stations it acquires and the
impact of federal regulation on Saga's business, are described in
the reports Saga periodically files with the U.S. Securities and
Exchange Commission, including Item 1A of our Annual Report on Form
10-K. Readers should note that these statements may be
impacted by several factors, including national and local economic
changes and changes in the radio and television broadcast industry
in general, as well as Saga's actual performance. Results may
vary from those stated herein and Saga undertakes no obligation to
update the information contained here.
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SOURCE Saga Communications, Inc.