Radian Stockholders at Annual Meeting Re-Elect Directors, Approve Executive Compensation & All Other Proposals; Company Compl...
10 Mai 2018 - 12:30PM
Business Wire
Radian Group Inc. announced today that its stockholders
re-elected ten directors, who serve one-year terms and are
re-elected annually. The company’s stockholders approved all
proposals recommended by the Board of Directors and presented for
vote at Radian’s 2018 Annual Meeting, including an advisory
proposal to approve the compensation of Radian’s named executive
officers, a proposal to approve the amended and restated Radian
Group Inc. Employee Stock Purchase Plan and ratification of the
appointment of PricewaterhouseCoopers LLP as the company’s
independent auditors for 2018.
Radian also announced:
- The completion of its previously
announced $50 million share repurchase program in advance of its
July 31, 2018 expiration date, purchasing approximately 3.0 million
shares of Radian common stock at an average price of $16.56 per
share, including commissions. This represents approximately 1.4
percent of the company’s weighted average diluted shares
outstanding during 2017.
- Approval by the company’s Board of
Directors for a regular quarterly dividend on its common stock in
the amount of $0.0025 per share, payable on June 4, 2018 to
stockholders of record as of May 21, 2018.
Chief Executive Officer Rick Thornberry addressed the attendees
of Radian’s Annual Meeting by stating, “For more than 40 years,
Radian has helped nearly seven million families achieve and
preserve their dream of homeownership. After joining Radian last
year, I am proud to be part of our tradition of building
sustainable homeownership – a purpose that has served our company,
our stockholders, our employees and our communities very well.”
Thornberry added, “We believe that Radian’s business
fundamentals, economic value and long-term strategy are not
reflected by the company’s current stock price, and are pleased to
deliver value more quickly to stockholders through our share
repurchase program. Looking ahead, I believe that we are well
positioned for the future with the right strategic focus; a highly
valuable insurance portfolio; a diversified set of products; and
the financial flexibility and capital strength to compete, grow and
diversify our revenue sources, serve our customers and create even
greater value for stockholders.”
ABOUT RADIAN
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia,
provides private mortgage insurance, risk management products and
real estate services to financial institutions. Radian offers
products and services through two business segments:
- Mortgage Insurance, through its
principal mortgage insurance subsidiary Radian Guaranty Inc. This
private mortgage insurance helps protect lenders from
default-related losses, facilitates the sale of low-downpayment
mortgages in the secondary market and enables homebuyers to
purchase homes more quickly with downpayments less than 20%.
- Mortgage and Real Estate Services,
through its principal services subsidiary Clayton, as well as
Entitle Direct, Green River Capital, Red Bell Real Estate and
ValuAmerica. These solutions include information and services that
financial institutions, investors and government entities use to
evaluate, acquire, securitize, service and monitor loans and
asset-backed securities.
Additional information may be found at www.radian.biz.
FORWARD-LOOKING STATEMENTS
All statements in this press release that address events,
developments or results that we expect or anticipate may occur in
the future are “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, Section 21E of the
Exchange Act and the U.S. Private Securities Litigation Reform Act
of 1995. In most cases, forward-looking statements may be
identified by words such as “anticipate,” “may,” “will,” “could,”
“should,” “would,” “expect,” “intend,” “plan,” “goal,”
“contemplate,” “believe,” “estimate,” “predict,” “project,”
“potential,” “continue,” “seek,” “strategy,” “future,” “likely” or
the negative or other variations on these words and other similar
expressions. These statements, which may include, without
limitation, projections regarding our future performance and
financial condition, are made on the basis of management’s current
views and assumptions with respect to future events. Any
forward-looking statement is not a guarantee of future performance
and actual results could differ materially from those contained in
the forward-looking statement. These statements speak only as of
the date they were made, and we undertake no obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise. We operate in a
changing environment where new risks emerge from time to time and
it is not possible for us to predict all risks that may affect us.
The forward-looking statements, as well as our prospects as a
whole, are subject to risks and uncertainties that could cause
actual results to differ materially from those set forth in the
forward-looking statements. These risks and uncertainties include,
without limitation:
- changes in economic and political
conditions that impact the size of the insurable market, the credit
performance of our insured portfolio, and our business
prospects;
- our ability to successfully execute and
implement our business plans and strategies, including plans and
strategies to reposition our Services segment as well as plans and
strategies that require GSE and/or regulatory approvals and
licenses; and
- competition in our mortgage insurance
business, including price competition, competition from the FHA and
VA, as well as competition from alternative forms of credit
enhancement.
For more information regarding these risks and uncertainties as
well as certain additional risks that we face, you should refer to
the Risk Factors detailed in Item 1A of our Annual Report on Form
10-K for the year ended December 31, 2017, and subsequent reports
filed from time to time with the U.S. Securities and Exchange
Commission. We caution you not to place undue reliance on these
forward-looking statements, which are current only as of the date
on which we issued this press release. We do not intend to, and we
disclaim any duty or obligation to, update or revise any
forward-looking statements to reflect new information or future
events or for any other reason.
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version on businesswire.com: https://www.businesswire.com/news/home/20180510005191/en/
Radian Group Inc.Emily Riley,
215-231-1035emily.riley@radian.biz
Radian (NYSE:RDN)
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