P.A.M. Transportation Services, Inc. Announces Preliminary Results of its Self Tender Offer
December 31 2013 - 9:12AM
P.A.M. Transportation Services, Inc. (Nasdaq:PTSI) (the "Company")
today announced the preliminary results of its modified "Dutch
auction" tender offer to repurchase up to 600,000 shares of its
outstanding common stock, which expired at 12:00 Midnight, Eastern
Time, on Monday, December 30, 2013.
Based on the preliminary count by Computershare Trust Company,
N.A. ("Computershare"), the depositary for the tender offer,
approximately 758,864 shares were properly tendered and not
properly withdrawn at or below the expected final purchase price of
$20.50 per share, including shares that were tendered through
notices of guaranteed delivery.
In accordance with the terms and conditions of the tender offer,
the Company expects to acquire 675,000 shares at a final
purchase price of $20.50 per share, for an aggregate purchase price
of approximately $13,837,500. These shares represent
approximately 7.8% of the Company's issued and outstanding shares
as of November 29, 2013. The total amount of shares expected to be
purchased in the tender offer includes the Company's right to
increase the tender offer by up to two percent of our outstanding
shares. The determination of the final number of shares to be
purchased and the final price per share is subject to confirmation
by Computershare of the proper delivery of the shares validly
tendered and not withdrawn.
Due to the oversubscription of the tender offer, the Company
expects to accept for purchase approximately 88.9% of the shares
properly tendered and not properly withdrawn at or below the
purchase price of $20.50 per share by each tendering
shareholder.
The number of shares to be purchased and the price per share are
preliminary and are subject to verification by Computershare and
subject to change for a number of reasons, including if some or all
of the shares tendered through notices of guaranteed delivery are
not delivered within the applicable three trading day settlement
period. The actual number of shares to be purchased and the
final price per share will be announced following the
expiration of the guaranteed delivery period and completion of the
confirmation process by Computershare, and are not expected to be
announced until at least January 3, 2014. Promptly after such
announcement, Computershare will issue payment for the shares
validly tendered and accepted for payment under the tender offer
and will return shares tendered and not purchased in the tender
offer.
The Company may purchase additional shares in the future in the
open market subject to market conditions and private transactions,
tender offers or otherwise. Under applicable securities laws,
however, the Company may not repurchase any shares until January
14, 2014. 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 Inc., as the information
agent and all questions regarding the tender offer should be
directed to Georgeson at (866) 482-4943 (toll free) or
(800) 223-2064 (banks and brokers).
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.
CONTACT: P.A.M. TRANSPORTATION SERVICES, INC.
P.O. BOX 188
Tontitown, AR 72770
Allen W. West
(479) 361-9111
P A M Transport Services (NASDAQ:PTSI)
Historical Stock Chart
From Apr 2024 to May 2024
P A M Transport Services (NASDAQ:PTSI)
Historical Stock Chart
From May 2023 to May 2024