Barnes Group Inc. Announces Odd-Lot Buyback Program.BRISTOL, Conn.--(BUSINESS WIRE)--Sept. 24, 1998--Terry M. Murphy, Senior Vice President of Finance, today announced that Barnes Group Inc. will begin a voluntary odd-lot stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. program that is scheduled to run from September 25, 1998 to October 26, 1998. Under this voluntary program, stockholders who own fewer than 100 shares of Barnes Group Inc. Common Stock may sell their shares back to the Company by mail without paying any brokerage commission. Shares held in the Company's Dividend Investment Plan are also eligible for sale, while those held in the Company's employee plans are not eligible for sale under this Program. "We value the loyalty of our stockholders; however, we realize that the in-convenience and cost of selling a small number of shares may have deterred some stockholders from selling their shares. For this reason we decided to offer this Program which is designed to help shareholders conveniently sell shares through the mail without having to pay any brokerage commission," said Murphy. The Program is expected to generate a cost saving for the Company in reduced administrative expenses in such areas as account management, printing, and postage POSTAGE. The money charged by law for carrying letters, packets and documents by mail. By act of congress of March 3, 1851, Minot's Statute at Large, U. S. 587, it is enacted as follows: 2.-Sec. 1. . The price per share to be paid to stockholder's will be based on the closing price per share of Barnes Group Inc. Common Stock, as reported in The Wall Street Journal, on the trading day In Business, the trading day is the time span that a particular stock exchange is open. For example, the New York Stock Exchange is, as of 2006, open from 09:30AM to 4:00PM. Trading days never take place on weekends. that a stockholder's Sales Authorization The right or permission to use a system resource; the process of granting access. See access control. Form and other required materials are accepted by the Program Manager, ChaseMellon Shareholder Services, L.L.C. "Neither Barnes Group Inc. nor ChaseMellon Shareholder Services, L.L.C. makes any recommendation as to whether or not shareholders should participate in the Program," said Murphy. Barnes Group Inc. (http://www.barnesgroupinc.com) is a $650 million diversified diversified (di·verˑ·s international company headquartered in Bristol, CT. It is a leading manufacturer of complex metal components and precision springs for industrial, automotive and aerospace markets and a major distributor of maintenance, repair and replacement MRO MRO In currencies, this is the abbreviation for the Mauritanian Ouguiya. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. products to industrial and transportation markets. For further information, please call our FAX-On-Demand Service at 800.311.4606. For Barnes Group Inc. news on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , see http://www.barnesgroupinc.com or http://www.businesswire.com/cnn. |
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