Navigation Links
Triple-S Management Corporation Announces Conversion of Class A Shares and Commencement of Class B Stock Repurchase Program
Date:12/8/2008

SAN JUAN, Puerto Rico, Dec. 8 /PRNewswire-FirstCall/ -- Triple-S Management Corporation (NYSE: GTS), the largest managed care company in Puerto Rico, today announced that it has converted seven million issued and outstanding Class A shares into Class B shares effective immediately, in conjunction with the expiration of the lockup agreements signed by holders of Class A shares at the time of the Company's initial public offering. It is expected that the newly converted Class B shares will gradually become tradable in the public market over the following weeks, as Class A shareholders surrender their certificates and complete the conversion process. This conversion will not affect the total outstanding common stock of the Company, which remains at approximately 32.15 million shares.

In addition, the Company's $40 million share repurchase program, which will use available cash and was authorized by the Board of Directors in late October 2008, will commence immediately. It will be conducted through open- market purchases and privately-negotiated transactions of Class B shares only, in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The program is designed to maximize the EPS benefit of the repurchases, while anticipating the liquidity expectations that the holders of newly converted Class B shareholders may have. The timing and extent of any purchases under the program will depend on market conditions, the trading price of our shares and other considerations, and the program may be suspended or terminated at any time.

It should be noted that approximately nine million Class A shares remain outstanding and will not be converted to Class B shares until the earlier of the date that all potential claims specified in our articles of incorporation are resolved or five years from the date of our initial public offering (December 6, 2012). In either case, the Board of Directors must approve the conversion of the remaining Class A shares. Class A shares do not trade on a public market.

"The Class A share conversion has always been a component of our corporate strategy, enabling us to simplify our capital structure and increase our public float," said Ramon M. Ruiz-Comas, President and Chief Executive Officer. "Moreover, our solid balance sheet allows us to buy back shares without compromising our ability to fund our various business initiatives." Ruiz-Comas added, "We firmly believe that repurchasing stock at current price levels demonstrates confidence in both our corporate strategic vision and future growth prospects."

About Triple-S Management Corporation

Triple-S Management Corporation is an independent licensee of the Blue Cross Blue Shield Association. It is the largest managed care company in Puerto Rico, serving approximately 1.2 million members, or about 30% of the population, and has the exclusive right to use the Blue Shield name and mark throughout the country. With more than 45 years of experience in the industry, Triple-S Management offers a broad portfolio of managed care and related products in the commercial, Medicare, and Reform markets under the Blue Shield brand. In addition to its managed care business, Triple-S Management provides non-Blue Shield branded life and property and casualty insurance in Puerto Rico. The Company is the largest provider of life, accident, and health insurance and the fourth largest provider of property and casualty insurance in its market.


'/>"/>
SOURCE Triple-S Management Corporation
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Triple-S Management Corporation Signs Letter of Intent to Acquire Managed Care Portfolio of La Cruz Azul de Puerto Rico, Inc.
2. Triple-S Management Corporation to Present at Credit Suisse 2008 Healthcare Conference
3. Triple-S Management Corporation Reports Third Quarter 2008 Results; Board Approves Share Repurchase Authorization of up to $40 Million
4. Triple-S Management Corporation Schedules Second-Quarter Earnings Release and Webcast
5. Triple-S Management Corporation Reports First Quarter 2008 Results; Cites Growth Resulting From Strong Market Position
6. Triple-S Management Corporation Schedules First-Quarter Earnings Release and Webcast
7. Triple-S Management Corporation Reports Record Consolidated Operating Income, Net Income and EPS for 2007
8. Triple-S Management Corporation to Present at UBS Global Healthcare Conference
9. Triple-S Management Corporation Announces Full Exercise of Underwriters Over-Allotment Option
10. New Research Reports on Interventions that May Alter the Course of Epilepsy Diagnosis and Management
11. OnKua, Launches Phase I Of "Phyzoom" A Web-Based Physician Marketing And Customer Relationship Management Product
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/6/2016)... ... May 06, 2016 , ... The National Association of Chain ... in Puerto Rico. Radio messages set to debut on Monday, May 9, and ... about ways to protect themselves and their unborn children from the effects of ...
(Date:5/6/2016)... ... May 06, 2016 , ... DrugDev President ... the way the pharmaceutical industry conducts clinical trials. This month Ibs was named No. ... in pharma, and he was honored as a Tech Disruptor by the Philadelphia Business ...
(Date:5/6/2016)... , ... May 06, 2016 , ... ... Integration Service, their latest implementation service offering for global clients of Coupa ( ... ). , Bluvault’s Integration Service is a key component in the suite ...
(Date:5/6/2016)... ... May 06, 2016 , ... From May 4 to 6, EarQ ... the unique opportunity to learn more about Signia’s technology and the successful business and ... is our priority to see practices succeed in this highly competitive industry,” said Ed ...
(Date:5/6/2016)... ... May 06, 2016 , ... Multiple award winning plumbing company in ... 35 years. Maintaining core values of exceptional customer service, quality work at reasonable rates, ... leading name in San Diego plumbing, and other services including heating & air conditioning ...
Breaking Medicine News(10 mins):
(Date:5/5/2016)... , First quarter 2016 adjusted diluted earnings per share ... , First quarter reported diluted (GAAP) loss per share ... revises 2016 financial guidance; now expects 2016 revenues to range ... non-GAAP earnings per share to range from $4.50 to $4.80 ... and manufacturing facility restructuring , Company expands ...
(Date:5/5/2016)... Calif. , May 5, 2016  Diagnostic ... a decade due to concerns that these tests ... the approach to imaging, as well as the ... new era of medical peripherals that help health care providers ...   Ampronix  advanced medical imaging is a renowned authorized ...
(Date:5/5/2016)... DUBLIN , May 5, 2016 ... for PET Imaging in Top 5 EU Markets"  report to ... This report provides information on the current Positron Emission ... Five European Markets (T5 EU), which includes France ... , Spain and the ...
Breaking Medicine Technology: