This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Triple-S Management Corporation Announces Class A Conversion, Marketed Secondary Public Offering And $30 Million Share Repurchase

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs