BRISTOL, Tenn., Aug. 29, 2019 /PRNewswire/ -- Contura
Energy, Inc. (NYSE: CTRA), a leading U.S. coal supplier, today
announced that its Board of Directors has approved a stock
repurchase plan (the "Company Repurchase Plan") to acquire up to
$100 million in the aggregate of the
company's common stock at prices as set forth in such plan over a
specified period, in accordance with the guidelines specified in
Rule 10b-18 and Rule 10b5-1 of the
Securities Exchange Act of 1934.
"Based on our confidence in Contura's robust asset portfolio and
strong position in both domestic and international markets, our
board believes that the company's stock is significantly
undervalued at current trading prices," said chairman and chief
executive officer, David Stetson.
"We have heard our shareholders loud and clear, and are executing
this stock buyback as a first step in the previously announced
strategic capital allocation program focused on enhancing
shareholder value."
The Company Repurchase Plan is designed to allow the company to
repurchase its common stock at times when it otherwise might be
prevented from doing so under insider trading laws. Once the
Company Repurchase Plan is established, a designated agent will
repurchase shares of common stock on Contura's behalf, without the
company's further input, when the market price per share and other
conditions specified in the plan are met. The agent will increase
the volume of purchases made in the event the price of the
company's common stock declines, subject to volume restrictions. No
assurance can be given that any particular amount of common stock
will be repurchased, or when.
Contura will designate an agent to facilitate the
repurchases of the company's common stock on Contura's behalf,
pursuant to the terms set forth in the Company Repurchase Plan and
all applicable laws and regulations, including Rule 10b-18 and Rule 10b5-1, and Regulation M, which
may prohibit purchases under certain circumstances.
ABOUT CONTURA ENERGY
Contura Energy (NYSE: CTRA) is a Tennessee-based coal supplier with affiliate
mining operations across major coal basins in Pennsylvania, Virginia and West
Virginia. With customers across the globe, high-quality
reserves and significant port capacity, Contura Energy reliably
supplies both metallurgical coal to produce steel and thermal coal
to generate power. For more information, visit
www.conturaenergy.com.
FORWARD-LOOKING STATEMENTS
This news release includes forward-looking statements. These
forward-looking statements are based on Contura's expectations and
beliefs concerning future events and involve risks and
uncertainties that may cause actual results to differ materially
from current expectations. These factors are difficult to predict
accurately and may be beyond Contura's control. Forward-looking
statements in this news release or elsewhere speak only as of the
date made. New uncertainties and risks arise from time to time, and
it is impossible for Contura to predict these events or how they
may affect Contura. For additional discussion of risks, please
refer to Contura's Quarterly Report on Form 10-Q and other filings
that Contura makes from time to time with the Securities and
Exchange Commission (the "SEC"), which are available on the SEC's
website (www.sec.gov). Except as required by law, Contura has no
duty to, and does not intend to, update or revise the
forward-looking statements in this news release or elsewhere after
the date this release is issued. In light of these risks and
uncertainties, investors should keep in mind that results, events
or developments discussed in any forward-looking statement made in
this news release may not occur.
INVESTOR CONTACT
investorrelations@conturaenergy.com
Alex Rotonen, CFA
423.956.6882
MEDIA CONTACTS
corporatecommunications@conturaenergy.com
Rick Axthelm
423.573.0304
Emily O'Quinn
423.573.0369
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SOURCE Contura Energy, Inc.