P.A.M. Transportation Services, Inc. Announces Final Results of its Self Tender Offer
June 12 2018 - 10:55AM
P.A.M. Transportation Services, Inc. (NASDAQ:PTSI) (the “Company”)
today announced the final results of its modified “Dutch auction”
tender offer to repurchase up to 100,000 shares of its outstanding
common stock, which expired at 5:00 p.m., Eastern Time, on
Thursday, June 7, 2018.
In accordance with the terms and conditions of
the tender offer, the Company has accepted for purchase a total of
185,597 shares of its common stock, representing approximately 3.0%
of the Company’s issued and outstanding shares, at a purchase price
of $40.00 per share. Payment for the shares accepted for purchase
under the tender offer will be made promptly, at a total cost to
the Company of $7,423,880, excluding fees and expenses related to
the offer.
Based on the final count by Computershare Trust
Company, N.A. (“Computershare”), the depositary for the tender
offer, an aggregate of 185,597 shares were properly tendered and
not properly withdrawn at or below the final purchase price of
$40.00 per share. The Company will promptly pay for the shares
accepted for purchase and return to tendering shareholders any
shares tendered and not purchased.
The total amount of shares purchased in the
tender offer reflects the Company’s right to increase the tender
offer by up to two percent of the Company’s outstanding shares and
includes a total of 33,333 shares tendered by the President and
Chief Executive Officer of the Company, Mr. Daniel H. Cushman. The
Company expects to have approximately 6,026,807 shares of its
common stock outstanding immediately following consummation of the
tender offer.
The Company may purchase additional shares in
the future in the open market subject to market conditions and
through private transactions, tender offers or otherwise. Under
applicable securities laws, however, the Company may not repurchase
any shares until June 22, 2018. Whether the Company makes
additional repurchases in the future will depend on many factors,
including the number of shares purchased in this tender offer, its
business and financial performance and situation, the business and
market conditions at the time, including the price of the shares,
and other factors the Company considers relevant.
The Company has retained Georgeson LLC as the
information agent for the tender offer. All questions regarding the
tender offer should be directed to the information agent (800)
248-7690 (toll free).
P.A.M. Transportation Services, Inc. is a
leading truckload dry van carrier transporting general commodities
throughout the continental United States, as well as in the
Canadian provinces of Ontario and Quebec. The Company also provides
transportation services in Mexico through its gateways in Laredo
and El Paso, Texas under agreements with Mexican carriers.
Note Regarding Forward-Looking
Statements
Certain information included in this document
contains or may contain “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements may relate to expected future
financial and operating results or events, and are thus
prospective. Such forward-looking statements are subject to risks,
uncertainties and other factors which could cause actual results to
differ materially from future results expressed or implied by such
forward-looking statements. Potential risks and uncertainties
include, but are not limited to, excess capacity in the trucking
industry; surplus inventories; recessionary economic cycles and
downturns in customers’ business cycles; increases or rapid
fluctuations in fuel prices, interest rates, fuel taxes, tolls,
license and registration fees; the resale value of the Company’s
used equipment and the price of new equipment; increases in
compensation for and difficulty in attracting and retaining
qualified drivers and owner-operators; increases in insurance
premiums and deductible amounts relating to accident, cargo,
workers’ compensation, health, and other claims; unanticipated
increases in the number or amount of claims for which the Company
is self-insured; inability of the Company to continue to secure
acceptable financing arrangements; seasonal factors such as harsh
weather conditions that increase operating costs; competition from
trucking, rail, and intermodal competitors including reductions in
rates resulting from competitive bidding; the ability to identify
acceptable acquisition candidates, consummate acquisitions, and
integrate acquired operations; a significant reduction in or
termination of the Company’s trucking service by a key customer;
and other factors, including risk factors, included from time to
time in filings made by the Company with the Securities and
Exchange Commission. The Company undertakes no obligation to
publicly update or revise forward-looking statements, whether as a
result of new information, future events or otherwise. In light of
these risks and uncertainties, the forward-looking events and
circumstances discussed above and in company filings might not
transpire.
FROM: P.A.M. TRANSPORTATION SERVICES,
INC.P.O. BOX 188Tontitown, AR 72770Allen W. West(479) 361-9111
P A M Transport Services (NASDAQ:PTSI)
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