ICON Plc Announces Completion of $40 Million Share Buyback and a Further Share Buyback Program for up to $100 Million
19 Septembre 2014 - 12:00PM
Business Wire
ICON plc, (Nasdaq: ICLR), a global provider of
outsourced development services to the pharmaceutical,
biotechnology and medical device industries, announced today that
it has completed a $40 million buyback of the Company’s ordinary
shares through open market acquisitions at an average price of
$49.87. In addition, the Company announced a further program under
which the Company can acquire (by way of redemption) up to an
additional $100 million of its outstanding ordinary shares through
open market share acquisitions.
All share acquisitions will be carried out by way of redemption
in accordance with Irish law, the US securities laws and the
Company's constitutional documents. All shares so redeemed will be
canceled upon redemption. The total number of shares that will be
redeemed under the new program will be subject to market
conditions.
Commenting on the buyback program, Brendan Brennan, Chief
Financial Officer ICON plc, stated “Our buyback program is an
important element of how we are looking to optimise the capital
structure of the Company and is a good example of how ICON remains
focused on enhancing value for our shareholders.”
This press release contains forward-looking statements. These
statements are based on management's current expectations and
information currently available, including current economic and
industry conditions. These statements are not guarantees of future
performance or actual results, and actual results, developments and
business decisions may differ from those stated in this press
release. The forward-looking statements are subject to future
events, risks, uncertainties and other factors that could cause
actual results to differ materially from those projected in the
statements, including, but not limited to, the ability to enter
into new contracts, maintain client relationships, manage the
opening of new offices and offering of new services, the
integration of new business mergers and acquisitions, as well as
economic and global market conditions and other risks and
uncertainties detailed from time to time in SEC reports filed by
ICON, all of which are difficult to predict and some of which are
beyond our control. For these reasons, you should not place undue
reliance on these forward-looking statements when making investment
decisions. The word "expected" and variations of such words and
similar expressions are intended to identify forward-looking
statements. Forward-looking statements are only as of the date they
are made and we do not undertake any obligation to update publicly
any forward-looking statement, either as a result of new
information, future events or otherwise. More information about the
risks and uncertainties relating to these forward-looking
statements may be found in SEC reports filed by ICON, including its
Form 20-F, F-1, S-8 and F-3, which are available on the SEC's
website at http://www.sec.gov.
ICON plc is a global provider of outsourced development services
to the pharmaceutical, biotechnology and medical device industries.
The company specialises in the strategic development, management
and analysis of programs that support clinical development - from
compound selection to Phase I-IV clinical studies. With
headquarters in Dublin, Ireland, ICON currently, operates from 83
locations in 38 countries and has approximately 11,000 employees.
Further information is available at www.iconplc.com.
Source: ICON plc
ICON/ICLR-F
ICON plcInvestor Relations1-888-381-7923orBrendan BrennanChief
Financial Officer+ 353 –1-291-2000orSimon HolmesEVP Investor
Relations and Corporate Development+ 353 –1-291-2000
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