Beneficial Corporation announces authorization of share repurchase program.WILMINGTON, Del.--(BUSINESS WIRE)--Nov. 21, 1996--Beneficial Corporation (NYSE NYSE See: New York Stock Exchange : BNL BNL Brookhaven National Laboratory (Upton, NY) BNL Bibliothèque Nationale de Luxembourg (French) BNL Banca Nazionale del Lavoro BNL Berkeley National Laboratory BNL Bare Naked Ladies ) today announced that its Board of Directors has authorized the repurchase of up to 1.2 million shares of the Company's common stock. Such shares would be repurchased from time-to-time on the open market or in privately negotiated transactions at prices deemed appropriate by the Company. The Company has approximately 53.7 million shares currently outstanding, so that the authorization represents 2.2% of outstanding common shares. Repurchased shares will be placed in the Treasury and used for general corporate purposes. Finn M. W. Caspersen, chairman and chief executive officer, commented, "We expect to receive upstream cash dividends from our insurance, commercial banking, and Canadian subsidiaries totaling more than $160 million before year-end. These significant dividends further liquify liq·ui·fy v. Variant of liquefy. Verb 1. liquify - make (a solid substance) liquid, as by heating; "liquefy the silver" liquidise, liquidize, liquefy and strengthen our already strong balance sheet. Accordingly, this share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program is entirely consistent with our dual goals of both maximizing long- term total return to the shareholders and maintaining both healthy credit ratings and strong relationships with our debt holders." Beneficial Corporation is a $15 billion, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Stock Exchange- listed financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. holding company. Subsidiaries of the Company provide financial services through their various consumer-finance, credit-card, banking and insurance operations located throughout the United States, Canada, the United Kingdom, Ireland, and Germany. CONTACT: Beneficial Corporation, Wilmington John R. Engelhardt, (302) 425-2100 http://www.beneficial.com |
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