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:12/9/2016)... ... December 09, 2016 , ... Cellairis is a worldwide ... repairs on iPhone , iPad and Samsung Galaxy devices with premium ... Walmart in order to maximize convenience and accessibility for customers. While customers do their ...
(Date:12/9/2016)... ... December 09, 2016 , ... An inventor from Cana, Va., wanted ... all types of amusement park rides. , The patent-pending SAFETY STRAP FOR AMPUTEES improves ... use and could be set up in a matter of minutes, or even seconds. ...
(Date:12/9/2016)... Harrisburg, PA (PRWEB) , ... December 09, 2016 ... ... concussion education program through the Pennsylvania Cable Network (PCN) during the summer of ... Brain Injury Implementation Grant provided by the United States Department of Health and ...
(Date:12/8/2016)... NY (PRWEB) , ... December 08, 2016 , ... ... is pleased to announce that “Natural Language Processing–Enabled and Conventional Data Capture Methods ... in JMIR Medical Informatics . , Results of the comparative usability study ...
(Date:12/8/2016)... ... 2016 , ... David J. Dykeman , Ginger Pigott , and ... speak at DeviceTalks West, Dec. 12, 2016, at the Fairmont Newport Beach in California. ... firm’s global Life Sciences & Medical Technology Group have been featured speakers at every ...
Breaking Medicine News(10 mins):
(Date:12/8/2016)... , 8 de dezembro de 2016  A Mederi Therapeutics Inc ... Stretta, um tratamento não cirúrgico para a doença do refluxo gastroesofágico (DRGE). ... ... Live Stretta procedure performed and broadcast ... Endoscopy at Wuhan Union Hospital ...
(Date:12/8/2016)... , Dec. 8, 2016  Pennsylvania Physician ... of Drug and Alcohol Programs Gary Tennis ... insomnia medications, known as benzodiazepines, developed with the ... "Benzodiazepines are medications that are frequently prescribed for ... they are used with opioid pain medications, benzodiazepines ...
(Date:12/8/2016)... 2016 True Health Diagnostics today announced ... services and management expertise to hospital systems throughout ... more doctors and patients to benefit from state-of-the-art ... Logo - http://photos.prnewswire.com/prnh/20161208/447162LOGO ... pressure to contain costs, have struggled to keep ...
Breaking Medicine Technology: