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 PSC - Chief Port Security Specialist (USCG rating) PSC - Conservative Party (Colombia) PSC - Pacific Salmon Commission PSC - Pacific Science Center (Seattle, Washington) PSC - Pacific Science Council PSC - Pacific Southwest Container (Modesto, CA) PSC - Packet Switching Capability PSC - Packet Switching Cluster PSC - PacketStorm Communications, Inc. Stock Price Experiences 12 Percent Increase Since September 2002 Public Offering Philadelphia Suburban Corporation (NYSE:PSC) today reported the completion of the 1.2 million share repurchase of its common stock formerly held by Vivendi Environnement (Paris Euronext:VIE and NYSE:VE VE - Equivalent Airspeed VE - V-Ego (Coke music) VE - Valence Electron VE - Value Edition VE - Value Engineering VE - Velocity Error VE - Venezia - Venice (Veneto, Italy) VE - Venezuela VE - Venom Extract VE - Ventricular Ectopia VE - Verbo Encarnado (Argentina) VE - Vernal Equinox VE - Version Editor VE - Vertical Elutriators VE - Vesicular Exanthema VE - Vessel Examination VE - Vessel Examiner) 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. See also: Dividend Reinvestment Plan, Outstanding Shares 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 Public offering price The price of a new issue of securities at the time that the issue is offered to the public. 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. PSC is a publicly-traded company listed on both the New York and Philadelphia Stock Exchanges under the ticker symbol "PSC". www.suburbanwater.com |
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