SAN JUAN, Puerto Rico, March 6, 2013 /PRNewswire/ -- Triple-S Management Corporation (NYSE: GTS) today announced its intention to convert 7.0 million of the 9.0 million outstanding Class A shares into Class B shares ("Class A Conversion"). Concurrently, the Company intends to enhance the underlying liquidity of the Class B shares by conducting a marketed secondary public offering (the "Offering") for all or a substantial majority of the converted shares. The Company also announced its intention to repurchase up to $30 million of Class B shares as a purchaser in the Offering. The Company, in its sole discretion, may allow shareholders to retain a portion of the converted shares rather than including them in the Offering, subject to a lock-up period. The Board believes it is in the best interest of all shareholders to increase the trading liquidity of the listed securities, provide for the orderly disposition of the converted shares into the market, return excess capital, enhance earnings per share, and substantially unify the Company's share structure.
As the Board evaluates the extent and timing of the Class A Conversion, the Offering and any repurchase, it will continue to consider such factors as the Company's financial condition and outlook, the status of any outstanding or pending litigation affecting the Company's share capital and the collective interests of all shareholders, as well as general market conditions. The Class A Conversion is conditioned on the submission of at least seven million Class A shares for conversion into Class B shares, completion of the Offering and final Board approval. All shares submitted for conversion will be available for sale in the Offering at the Company's discretion. The Board and the Company remain under no obligation to convert or repurchase any Class A shares or facilitate any resale of such shares.