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Press Release: P.A.M. Transportation Services, Inc. Announces Preliminary Results of its Self Tender Offer


TONTITOWN, Ark., June 12, 2019 (GLOBE NEWSWIRE) -- P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) (the “Company” or “PTSI”) today announced the preliminary results of its modified “Dutch auction” tender offer to repurchase up to 200,000 shares of its outstanding common stock, which expired at 5:00 p.m., Eastern Time, on Tuesday, June 11, 2019.  
Based on the preliminary count by Computershare Trust Company, N.A. (“Computershare”), the depositary for the tender offer, approximately 192,743 shares were properly tendered and not properly withdrawn at or below the expected final purchase price of $60.00 per share, including shares that were tendered through notices of guaranteed delivery.In accordance with the terms and conditions of the tender offer, the Company expects to acquire 192,743 shares at a final purchase price of $60.00 per share, for an aggregate purchase price of approximately $11.6 million.  These shares represent approximately 3.2% of the Company’s issued and outstanding shares as of May 10, 2019.  The total amount of shares expected to be purchased in the tender offer includes a total of 40,000 shares tendered by the President, Chief Executive Officer and director of the Company, Mr. Daniel H. Cushman, and a total of 15,000 shares tendered by Mr. W. Scott Davis, a director of the Company.  The determination of the final number of shares to be purchased and the final price per share is subject to confirmation by Computershare of the proper delivery of the shares validly tendered and not withdrawn. The number of shares to be purchased and the price per share are preliminary and are subject to verification by Computershare and subject to change for a number of reasons, including if some or all of the shares tendered through notices of guaranteed delivery are not delivered within the applicable two trading day settlement period.  The actual number of shares to be purchased and the final price per share will be announced following the expiration of the guaranteed delivery period and completion of the confirmation process by Computershare, and are not expected to be announced until at least June 14, 2019.  Promptly after such announcement, Computershare will issue payment for the shares validly tendered and accepted for payment under the tender offer and will return shares tendered and not purchased in the tender offer.The Company may purchase additional shares in the future in the open market subject to market conditions and through private transactions, tender offers or otherwise.  Under applicable securities laws, however, the Company may not repurchase any shares until June 26, 2019.  Whether the Company makes additional r...


Posted: 2019-06-12 18:07:00

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