Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Viad Exploring Opportunities To Boost Shareholder Value

RELATED NEWS
Trade VVI now with 

Viad Corp (VVI: Quote) 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.

Register
To receive FREE breaking news email alerts for Viad Corp and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Yeast bloodstream infections, which are caused by Candida species, are a type of fungal infection, and if untreated, can result in serious medical complications. People who have a weak immune system, or are hospitalized in intensive care units, or have kidney disease needing dialysis, or have had abdominal surgery are said to be at risk of developing yeast bloodstream infections. After moving mostly higher over the course of the previous week, stocks showed a notable move back to the downside during trading on Monday. With the drop on the day, the Dow pulled back well off last Friday's record closing high. After reporting four consecutive monthly increases, the National Association of Realtors released a report on Monday showing an unexpected drop in U.S. existing home sales in the month of August. NAR said existing home sales fell 1.8 percent to a seasonally adjusted annual rate of 5.05 million in August.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.