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:5/27/2017)... ... ... From May 21-23, hearing healthcare professionals gained a competitive edge with training from ... Downtown Hotel in Syracuse, New York. , As EarQ’s technology partner, Oticon hosts ... help them stay ahead in the industry. At the event, EarQ members learned about ...
(Date:5/26/2017)... ... 2017 , ... The Radiology Business Management Association (RBMA) ... legislative activity and the latest regulatory concerns impacting RBMA members. The Legislative Education ... will continue through Monday, Sept. 11, at the Ritz-Carlton, Tysons Corner in Mclean, ...
(Date:5/26/2017)... ... 26, 2017 , ... via seating is proud to partner ... chair specifically designed for clinical areas. Genie Copper Mesh is a crossover chair ... to provide customers with a game changing chair that is affordably priced,” Chas ...
(Date:5/26/2017)... ... May 26, 2017 , ... Rob Lowe acts as host and ... the series is on hiking in American. Viewers can reconnect with America as it ... of hiking. , Many consumers have looked for an inventive new place for a ...
(Date:5/26/2017)... ... May 26, 2017 , ... “Just What Happened in the Garden of Eden”: retells ... Garden of Eden” is the creation of published author, Penelope Colt, mother, trader, horse farmer, ... moved to NYC when she was three. At six, they moved to Dayton, Ohio, ...
Breaking Medicine News(10 mins):
(Date:5/6/2017)... --  Provista , a proven leader in the supply chain ... Jim Cunniff as the company,s new president and ... to Provista, including most recently serving as the president and ... . He assumed his new role with Provista on May ... Provista," says Jody Hatcher , president, Sourcing and Collaboration ...
(Date:5/4/2017)... MEMPHIS, Tenn. , May 4, 2017 /PRNewswire/ ... of Infection Control, Ultraviolet-C light as ... demonstrated Tru-D SmartUVC,s ability to reduce bioburden on ... influenced bioburden reduction on high-touch, complex medical equipment ... in surgical infections. "This study further ...
(Date:5/4/2017)... 4, 2017  A new tight-tolerance microextrusion medical ... highly-engineered materials, is being launched by Natvar, a ... developed in recent years to service a wide ... applications. More expensive materials such as glass and ... due to their ability to consistently hold tolerances. ...
Breaking Medicine Technology: