Central Newspapers Completes 2.5 Million Share Buy-Back.PHOENIX--(BUSINESS WIRE)--Oct. 26, 1998--Central Newspapers Inc. has completed the previously announced purchase of 2.5 million shares of its Class A common stock at $60 per share from the Nina Mason Pulliam Charitable Trust The arrangement by which real or Personal Property given by one person is held by another to be used for the benefit of a class of persons or the general public. . The company now has approximately 22.5 million Class A and equivalent common shares outstanding on a fully diluted basis. As previously disclosed, Central Newspapers has also agreed to register approximately 1.3 million shares of Class A common stock owned by the Trust which will be sold to the public. The offering will be made through a registered secondary offering Registered secondary offering A reoffering of a large block of securities, previously publicly issued, by the holder of a large portion of some corporation through an investment firm. pursuant to a prospectus. In addition, Central Newspapers has an exclusive option for a period of one year to purchase up to 1.5 million shares of Class A common stock or equivalents held by the Trust at $67 per share. The option must be exercised within five days in the event that the average trading price Trading price The price at which a security is currently selling. per share for five consecutive trading days during the one year option period is at least $67. Central Newspapers is a media and information company involved primarily in newspaper publishing and related businesses. Its largest operations include The Arizona Republic, The Indianapolis Star & News, and Westech, its high-tech career fairs business. Central Newspapers' stock is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors ECP (Enhanced Capabilities Port) See IEEE 1284. 1. ECP - Engineering Change Proposal. 2. ECP - Enhanced Capabilities Port. 3. ECP - Extended Capabilities Port. 4. ECP - Extended Concurrent Prolog. . Except for historical information, this news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties that may cause the company's actual results or outcomes to be materially different from those anticipated and discussed herein. These risks and uncertainties include, but are not limited to, economic weakness in the company's geographic markets; weakness in retail and/or classified advertising; declines in circulation; fluctuations in the price of newsprint; increases in distribution and production costs over anticipated levels; the negative impact of labor agreement issues, and the emergence of new competitors. |
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