logo
Plus   Neg
Share
Email

Viad Exploring Opportunities To Boost Shareholder Value

Viad Corp (VVI) said Friday that its Board of Directors has authorized management to explore and evaluate opportunities to enhance shareholder value, including a potential separation of its Travel & Recreation and Marketing & Events businesses.

The Viad Board previously hired and has been working with J.P. Morgan Securities LLC as its financial advisor to assist in the evaluation process.

The company also said its board has authorized the repurchase of up to an additional one million shares of the company's common stock, from time to time at prevailing market prices.

As of September 30, the company had repurchased about 610,000 shares since September 2010 pursuant to previously announced authorizations by the board, which represents substantially all of the shares available for repurchase under existing announced authorizations.

The company also said that its Amended and Restated Credit Agreement, dated May 18, 2011, was amended, effective as of December 12, 2012, to remove the prior limitation on share repurchases of $10 million in the aggregate per calendar year. The amendment now allows share repurchases unless the Company's leverage ratio, as defined in the Credit Agreement, is greater than 1.50 to 1.00 or a default or an unmatured default, as defined in the Credit Agreement, exists. As of September 30, 2012, the company's leverage ratio was 0.21 to 1.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Shortly after announcing a racial bias training for the staff, Starbucks revealed its changed policy of allowing anyone to use its spaces, rest rooms, cafes and patios even without buying anything from the stores. The new policy will be consistent all across U.S. stores. Tesla Inc.'s CEO Elon Musk has revealed new specifications and options for its Model 3 electric car, including a high-end version of the sedan that will cost around $78,000. In a series of posts on Twitter Saturday night, Musk said that the Model 3 will be available in two versions, with dual motors and all-wheel drive in July. Musk also made an announcement regarding a new service program. Billionaire entrepreneur Elon Musk on Thursday showed off his concept for the Loop, a high-speed underground public transportation system that will carry up to 16 people and travel at 150 miles per hour. At the Boring Company Information Session, Musk and project leader Steve Davis provided details of the underground mass transit tunnels that the Boring Co. plans to build beneath Los Angeles.
Follow RTT