NYCOR BOARD AUTHORIZES STOCK REPURCHASE
NYCOR BOARD AUTHORIZES STOCK REPURCHASE BASKING RIDGE, N.J., May 12 /PRNewswire/ -- NYCOR, Inc.
(NASDAQ: NYCOA) today announced the Board of Directors has authorized the company's repurchase of up to 1,276,500 shares of Common Stock and 1,276,500 shares of Class A Stock from time to time in open market trading.
The repurchase would allow the company to mitigate the dilution of stockholders in the event of the conversion of the company's $1.70 Convertible Exchangeable Preferred Stock. Each share of preferred stock is convertible into 1.11 shares of Common Stock and 1.11 shares of Class A Stock, which is equivalent to a conversion price of $9.00 per share of Common Stock and Class A Stock. Currently, there are 2,730,160 NYCOR Common shares and 3,444,299 NYCOR Class A shares outstanding. -0- 5/12/92 /NOTE TO EDITORS: Please be advised that the correct presentation of the NYCOR name is in all capital letters - NYCOR, Inc./ /CONTACT: Barbara VanBlarcum of NYCOR, 908-953-8200/ (NYCO) CO: NYCOR, Inc. ST: New Jersey IN: SU:
SH -- NY085 -- 9244 05/12/92 15:18 EDT
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|Date:||May 12, 1992|
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