P.A.M. Transportation Services, Inc. Announces Preliminary Results of its Self Tender Offer
November 08 2017 - 9:01AM
P.A.M. Transportation Services, Inc. (NASDAQ:PTSI) (the “Company”
or “PTSI”) today announced the preliminary results of its modified
“Dutch auction” tender offer to repurchase up to 400,000 shares of
its outstanding common stock, which expired at 5:00 p.m., Eastern
Time, on Tuesday, November 7, 2017.
Based on the preliminary count by Computershare
Trust Company, N.A. (“Computershare”), the depositary for the
tender offer, approximately 144,074 shares were properly tendered
and not properly withdrawn at or below the expected final purchase
price of $30.00 per share, including shares that were tendered
through notices of guaranteed delivery.
In accordance with the terms and conditions of
the tender offer, the Company expects to acquire 144,074 shares at
a final purchase price of $30.00 per share, for an aggregate
purchase price of approximately $4.3 million. These shares
represent approximately 2.3% of the Company’s issued and
outstanding shares as of October 6, 2017. The determination of the
final number of shares to be purchased and the final price per
share is subject to confirmation by Computershare of the proper
delivery of the shares validly tendered and not withdrawn.
The number of shares to be purchased and the
price per share are preliminary and are subject to verification by
Computershare and subject to change for a number of reasons,
including if some or all of the shares tendered through notices of
guaranteed delivery are not delivered within the applicable two
trading day settlement period. The actual number of shares to be
purchased and the final price per share will be announced
following the expiration of the guaranteed delivery period and
completion of the confirmation process by Computershare, and are
not expected to be announced until at least November 10, 2017.
Promptly after such announcement, Computershare will issue payment
for the shares validly tendered and accepted for payment under the
tender offer and will return shares tendered and not purchased in
the tender offer.
The Company may purchase additional shares in
the future in the open market subject to market conditions and
through private transactions, tender offers or otherwise. Under
applicable securities laws, however, the Company may not repurchase
any shares until November 22, 2017. Whether the Company makes
additional repurchases in the future will depend on many factors,
including the number of shares purchased in this tender offer, its
business and financial performance and situation, the business and
market conditions at the time, including the price of the shares,
and other factors the Company considers relevant.
The Company has retained Georgeson LLC as the
information agent for the tender offer. All questions regarding the
tender offer should be directed to the information agent at (800)
248-7690 (toll free).
P.A.M. Transportation Services, Inc. is a
leading truckload dry van carrier transporting general commodities
throughout the continental United States, as well as in the
Canadian provinces of Ontario and Quebec. The Company also provides
transportation services in Mexico through its gateways in Laredo
and El Paso, Texas under agreements with Mexican carriers.
Note Regarding Forward-Looking
Statements
Certain information included in this document
contains or may contain “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements may relate to expected future
financial and operating results or events, and are thus
prospective. Such forward-looking statements are subject to risks,
uncertainties and other factors which could cause actual results to
differ materially from future results expressed or implied by such
forward-looking statements. Potential risks and uncertainties
include, but are not limited to, excess capacity in the trucking
industry; surplus inventories; recessionary economic cycles and
downturns in customers’ business cycles; increases or rapid
fluctuations in fuel prices, interest rates, fuel taxes, tolls,
license and registration fees; the resale value of the Company’s
used equipment and the price of new equipment; increases in
compensation for and difficulty in attracting and retaining
qualified drivers and owner-operators; increases in insurance
premiums and deductible amounts relating to accident, cargo,
workers’ compensation, health, and other claims; unanticipated
increases in the number or amount of claims for which the Company
is self-insured; inability of the Company to continue to secure
acceptable financing arrangements; seasonal factors such as harsh
weather conditions that increase operating costs; competition from
trucking, rail, and intermodal competitors including reductions in
rates resulting from competitive bidding; the ability to identify
acceptable acquisition candidates, consummate acquisitions, and
integrate acquired operations; a significant reduction in or
termination of the Company’s trucking service by a key customer;
and other factors, including risk factors, included from time to
time in filings made by the Company with the Securities and
Exchange Commission. The Company undertakes no obligation to
publicly update or revise forward-looking statements, whether as a
result of new information, future events or otherwise. In light of
these risks and uncertainties, the forward-looking events and
circumstances discussed above and in company filings might not
transpire.
Allen W. West(479) 361-9111
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