TLC Vision to repurchase $125M shares |
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Tue, 10 Apr 2007 13:10
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ST. LOUIS (AP) - Eye care services provider TLC Vision Corp. said Tuesday it will offer to buy back up to $125 million of its common stock at a price between $5.75 and $6.25 through a modified Dutch auction.In a 'Dutch auction,' a company sets a price range and shareholders submit an offer to sell their shares at a price within the range. The company then determines the price, based on the submitted offers, that allows it to buy back the allotted number of shares.The buyback plan represents about 30 percent of outstanding stock, or 20 million shares. The repurchases will be financed through cash-on-hand and borrowing.The offer is expected to begin in May and will be open for 35 days.TLC Vision also said it is targeting a return to earnings growth in 2008 and sales of more than $460 million by 2009.'We are seeing double digit growth across a range of key metrics including advertising leads, patient consult appointments, optometric referrals as well as in the total number of referring optometrists,' said Jim Wachtman, president and CEO, in a statement.TLC Shares closed at $5.39 on Monday on the Nasdaq Stock Market.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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