Regal Entertainment Group Announces $50 Million Share Repurchase Plan
August 31 2017 - 4:53PM
Business Wire
Regal Entertainment Group (NYSE: RGC), a leading motion picture
exhibitor, today announced its Board of Directors has authorized
the Company to repurchase up to $50 million in shares of the
Company’s Class A Common Stock, $.001 par value per share.
“We believe our growth prospects and long-term strategy are not
reflected by the Company’s recent share performance. We are pleased
that our significant free cash flow enables us to institute a share
repurchase program while continuing to reinvest in our asset base,”
stated Amy Miles, CEO of Regal Entertainment Group.
Repurchases may be made at management's discretion from time to
time through open market transactions including block purchases,
through privately negotiated transactions, or otherwise, in
accordance with all applicable securities laws and regulations. The
extent to which the Company repurchases its shares, and the timing
of such repurchases, will depend upon a variety of factors,
including available cash, anticipated cash needs, overall financial
condition, loan agreement restrictions, future prospects for
earnings and cash flows, market conditions, regulatory requirements
and other relevant factors, as determined by the Company’s
management team. Repurchases may be made under a Rule 10b5-1 plan,
which would permit shares of Class A Common Stock to be repurchased
when the Company might otherwise be precluded from doing so under
insider trading laws. The repurchase program does not obligate the
Company to repurchase any minimum dollar amount or number of shares
and may be suspended for periods or discontinued at any time.
Forward-looking Statements:
This press release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements included herein, other than statements of
historical fact, may constitute forward-looking statements,
including statements relating to the repurchase of the Company’s
Class A Common Stock. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will
prove to be correct. Important factors that could cause actual
results to differ materially from the Company's expectations are
disclosed in the risk factors contained in the Company's 2016
Annual Report on Form 10-K filed with the Securities and Exchange
Commission on February 27, 2017. All forward-looking statements are
expressly qualified in their entirety by such factors.
About Regal Entertainment Group:
Regal Entertainment Group (NYSE: RGC) operates one of the
largest and most geographically diverse theatre circuits in the
United States, consisting of 7,379 screens in 566 theatres in 43
states along with Guam, Saipan, American Samoa and the District of
Columbia as of June 30, 2017. The Company operates theatres in 48
of the top 50 U.S. designated market areas. We believe that the
size, reach and quality of the Company’s theatre circuit not only
provide its patrons with a convenient and enjoyable movie-going
experience, but is also an exceptional platform to realize
economies of scale in theatre operations.
Additional information is available on the Company's website at
www.REGmovies.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170831006384/en/
Financial Contact:Kevin MeadRegal Entertainment GroupVice
President Investor Relations and
PlanningKevin.Mead@regalcinemas.com865-925-9685orMedia
Contact:Ken ThewesRegal Entertainment GroupSenior Vice
President and Chief Marketing Officer865-925-9539
Regal Entertainment (NYSE:RGC)
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