Mercer Insurance Group, Inc. Announces Increased Dividend and Authorization to Repurchase Up to 5% of Outstanding Common Stock
April 16 2008 - 4:10PM
Marketwired
PENNINGTON, NJ today announced that its board of directors has
increased the quarterly dividend from $0.05 per common share to
$0.075 per common share, and also authorized the Company to
repurchase up to 5% of its outstanding common stock. A dividend of
$0.075 per share of common stock will be paid on June 27, 2008 to
shareholders of record on June 11, 2008.
The authorized repurchases will be funded with available cash
and made from time to time in either the open market or through
privately negotiated transactions. The timing, volume and nature of
share repurchases will be at the sole discretion of management,
dependent on market conditions, other priorities for cash
investment, applicable securities laws, and other factors, and may
be suspended or discontinued at any time. All or part of the
repurchases may be implemented under a Rule 10b5-1 trading plan,
which would allow repurchases under pre-set terms at times when the
Company might otherwise be prevented from doing so under insider
trading laws or because of self-imposed blackout periods. The
program will continue until 5% of the outstanding shares are
repurchased. The repurchased shares will be held as treasury shares
available for issuance in connection with Mercer Insurance Group's
2004 Stock Incentive Plan.
Mercer Insurance Group, Inc. (the Company) offers commercial and
personal lines of insurance to businesses and individuals
principally in six states through its insurance subsidiaries:
Mercer Insurance Company, Mercer Insurance Company of New Jersey,
Inc., Financial Pacific Insurance Company and Franklin Insurance
Company. For additional information on Mercer Insurance Group and
its insurance companies, please see our Internet web site at
www.mercerins.com.
Certain of the statements contained herein (other than
statements of historical facts) are forward-looking statements.
Such forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995 and include estimates and assumptions related to economic,
competitive and legislative developments. These forward-looking
statements are subject to change and uncertainty that are, in many
instances, beyond the Company's control and have been made based
upon management's expectations and beliefs concerning future
developments and their potential effect on Mercer Insurance Group,
Inc. For a list of factors which could affect the Company's
results, see the Company's filings with the Securities and Exchange
Commission, including "Item 1A. Risk Factors," set forth in the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2007. There can be no assurance that future
developments will be in accordance with management's expectations
so that the effect of future developments on Mercer Insurance
Group, Inc. will be those anticipated by management.
Company Contacts: Andrew R. Speaker President & CEO Mercer
Insurance Group, Inc. (609) 737-0426 David B. Merclean Senior Vice
President & CFO Mercer Insurance Group, Inc. (609) 737-0426
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