American Equity Announces Progress of Share Repurchase Program.WEST DES MOINES, Iowa West Des Moines is a city in Polk, Dallas, and Warren counties in the U.S. state of Iowa. As of the 2000 census, the city population was 46,403; a special census taken in the spring of 2005 counted 51,744 residents. -- American Equity Investment Life Holding Company (NYSE NYSE See: New York Stock Exchange :AEL AEL Association Electronique Libre AEL Appalachia Educational Laboratory AEL Arabisch Europese Liga AEL Agence de l'Energie AEL Arab European League AEL Accessible Emission Limit AEL Acceptable Exposure Limit AEL Arquivo Edgard Leuenroth ), today announced that as of January 22, 2008, the company has repurchased approximately 729,000 common shares at an average price of $8.21 for a total of $5,985,000 as part of the company's stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program announced November 19, 2007. The company's Board of Directors has authorized the repurchase of up to 10,000,000 shares of the company's common stock. "We believe American Equity's stock is substantially undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. , and we continue to have great confidence in the company's long term value," said Mr. Noble, Chairman, Chief Executive Officer and President of AEL. "All of the fundamental strengths of the company, including asset quality, remain intact. Our stock is suffering from industry and market forces with no direct bearing on how the company is being managed. We see this as an opportunity, and we will continue to be a buyer." The company has entered into a 10b5-1 trading plan, to facilitate the repurchase of its common shares, which allows the company to repurchase shares during trading blackout periods Blackout Period 1. A term that refers to a temporary period in which access is limited or denied. 2. A period of around 60 days during which employees of a company with a retirement or investment plan cannot modify their plans. through pre-arrangements with a broker based upon specified guidelines and parameters set forth in the trading plan. Caution Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements relate to future operations, strategies, financial results or other developments, and are subject to assumptions, risks and uncertainties. Statements such as "guidance," "expect," "anticipate," "believe," "goal," "objective," "target," "may," "should," "estimate," "projects," or similar words as well as specific projections of future results qualify as forward-looking statements. Factors that may cause our actual results to differ materially from those contemplated by these forward looking statements can be found in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date the statement was made and the Company undertakes no obligation to update such forward-looking statements. There can be no assurance that other factors not currently anticipated by the Company will not materially and adversely affect our results of operations. Investors are cautioned not to place undue reliance on any forward-looking statements made by us or on our behalf. About American Equity American Equity Investment Life Holding Company, through its wholly-owned operating subsidiaries, is a full-service underwriter of a broad line of annuity and insurance products with a primary emphasis on the sale of fixed-rate and index annuities. The company's headquarters are located at 5000 Westown Parkway, West Des Moines, Iowa, 50266. The mailing address of the company is: P.O. Box 71216, Des Moines, Iowa “Des Moines” redirects here. For other uses, see Des Moines (disambiguation). Des Moines (pronounced /dɪˈmɔɪn/ in English, , 50325. For more information, visit our website www.american-equity.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion