Philadelphia Suburban Corporation Completes 1.2 Million Share Common Stock Repurchase From Vivendi Environnement.Business Editors BRYN MAWR, Pa.--(BUSINESS WIRE)--Oct. 28, 2002 PSC (Public Service Commission) Same as PUC. Stock Price Experiences 12 Percent Increase Since September 2002 Public Offering Philadelphia Suburban Corporation (NYSE NYSE See: New York Stock Exchange :PSC) today reported the completion of the 1.2 million 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. of its common stock formerly held by Vivendi Environnement (Paris Euronext:VIE and NYSE:VE) at a price of $18.25 per share. The process to redistribute 11.1 million shares of PSC common stock formerly held by VE was initiated in September 2002 with the sale of 9.9 million shares of PSC common stock through a public equity offering. In accordance with the terms of the previously announced agreement with VE, PSC completed the direct repurchase Direct Repurchase A company's plan to buy back its own shares from the marketplace, thereby reducing the number of outstanding shares. Notes: Generally speaking, this is an indication that the company's management thinks the shares are undervalued. of the remaining 1.2 million shares on Friday, October 25. Shares of PSC common stock closed at $20.46 on Friday, up significantly compared to the public offering price of $18.25. PSC Chairman and President Nicholas DeBenedictis said, "I am very pleased with the stock's performance since the offering. The repurchase of the remaining stock held by VE ends a chapter in the company's history. With the redistribution of VE's shares to a broader U.S. investor base, and we are now poised to become the largest U.S. publicly traded water company." PSC is one of the nation's largest investor-owned water utilities serving nearly two million residents collectively through its operating subsidiaries in Pennsylvania, Ohio, Illinois, New Jersey, Maine and North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. . PSC is a publicly-traded company listed on both the 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 and Philadelphia Stock Exchanges under the ticker symbol "PSC". www.suburbanwater.com |
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