THOMASTON MILLS POSTPONES PROPOSED OFFERING
THOMASTON MILLS POSTPONES PROPOSED OFFERING THOMASTON, Ga., Aug. 27 /PRNewswire/ -- Thomaston Mills, Inc.
(NASDAQ: TMSTA TMSTB) announced today that it had determined to postpone indefinitely its proposed offering of up to 2.3 million shares of its non-voting Class A common stock, due to unfavorable market conditions.
The company had filed a Registration Statement with the Securities and Exchange Commission on July 29 for a public offering of up to 1.5 million shares to be sold by the company and up to 800,000 shares to be sold by non-management shareholders. Neil H. Hightower, president and chief executive officer, said: "We believe that the current market price of the Class A stock does not adequately reflect the value of the company, particularly given our recently announced net income per share of $2.17 for the 1992 fiscal year. Therefore, we have determined to postpone this offering indefinitely in anticipation of later market improvement and we will explore alternative financing at this time. Our previously announced construction of a new comforter and bedding accessory manufacturing facility will continue as scheduled. We anticipate no difficulty in funding the construction costs of this facility." -0- 8/27/92 /CONTACT: Neil H. Hightower, president and CEO of Thomaston Mills, 706-647-7131/ (TMSTA) CO: Thomaston Mills, Inc. ST: Georgia IN: TEX SU: OFR
BN-EA -- AT014 -- 3999 08/27/92 14:10 EDT
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|Date:||Aug 27, 1992|
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