BNC Mortgage Inc. Reports Repurchase of 9.1 Percent of the Common Stock Outstanding.IRVINE, Calif.--(BUSINESS WIRE)--Jan. 5, 1999--BNC Mortgage, Inc. (Nasdaq:BNCM BNCM Bayesian Network Causal Model ) Tuesday announced that it has substantially completed its common stock repurchase plan stock repurchase plan 1. See buyback. 2. See self-tender. . The company's board of directors authorized the company to repurchase up to $3,000,000 of the company's common stock, $.001 par value, in open market purchases from time-to-time in the discretion of the company's management. As of Dec. 31, 1998, the company has repurchased 516,729 shares at an aggregate cost of $2,999,992 for an average price of $5.81 per share. "We believe that the value of the company is not reflected in the current market price of our common stock and we are pleased to have been able to repurchase approximately 9.1 percent of the shares outstanding," said Kelly W. Monahan, president. BNC (hardware) BNC - A connector for coaxial cable such as that used for some video connections and RG58 "cheapernet" connections. A BNC connector has a bayonet-type shell with two small knobs on the female connector which lock into spiral slots in the male connector when it is twisted Mortgage is a specialty finance company engaged in the business of originating, purchasing and selling, on a whole loan basis for cash, non-conforming and, to a lessor extent, conforming, residential mortgage loans secured by one-to-four family residences. The company has three divisions: (i) a wholesale subprime division which has relationships with approximately 3,600 approved independent loan brokers and which to date has accounted for substantially all of the Company's total loan originations, (ii) a wholesale prime division which originates conforming loans Conforming loans Mortgage loans that meet the qualifications of Freddie Mac or Fannie Mae, which are bought from lenders and issued as pass-through securities. that meet FNMA FNMA abbr. Federal National Mortgage Association Noun 1. FNMA - a federally chartered corporation that purchases mortgages Fannie Mae, Federal National Mortgage Association , FHLMC See Federal Home Loan Mortgage Corporation. and other conventional mortgage guidelines and non-conforming loan A non-conforming loan is a loan that fails to meet bank criteria for funding. Reasons include the loan amount is higher than the conforming loan limit (for mortgage loans), lack of sufficient credit, the unorthodox nature of the use of funds, or the collateral backing it. products which are not subprime loans, and (iii) a retail division which markets loans directly to homeowners. Except for historical information contained herein, this news release contains forward- looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and involve risks and uncertainties that could cause actual results to differ materially. These forward-looking statements can be identified by the use of word "believe," "value," and "market price." The company's actual results could differ materially from those anticipated in the forward-looking statements. |
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