Conseco expands share repurchase program.Carmel, Ind.--(BUSINESS WIRE)--January 16, 1995--Conseco, Inc. (NYSE NYSE See: New York Stock Exchange : CNC (Computerized Numerical Control) See numerical control. CNC - Collaborative Networked Communication ) said today that its previously announced common 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 has been expanded from 6 million to 8 million shares. The company also said that under the program it may purchase, in lieu of currently outstanding shares of common stock, an equivalent amount of the company's outstanding Series D convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". . Each share of the Series D preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. is convertible into approximately 0.7843 shares of common stock. The company said that purchases of Conseco common stock and/or convertible preferred stock would continue to be made in open-market or negotiated transactions, with the timing and terms of the purchases to be determined by management based on market conditions. Conseco, headquartered in Carmel, Ind., owns, operates and provides services to companies in the 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. industry (primarily life insurance companies, to date). Historically, Conseco's earnings have resulted from: (1) operating life insurance companies and other financial services businesses; (2) recurring fee income from providing investment management, administrative and other services to affiliated businesses and to non-affiliates; and (3) acquiring and restructuring life insurance companies in partnership with other investors. CONTACT: Conseco, Inc., Carmel James W. Rosensteele, Vice President-Investor Relations, 317/817-2893 |
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