Plantronics Announces $50 Million Accelerated Share Repurchase and Completion of Earlier $100 Million Program
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SANTA CRUZ, CA, Aug 19 (MARKET WIRE) --
Plantronics, Inc. (NYSE: PLT) today announced that it entered into an
Accelerated Share Repurchase agreement ("ASR agreement") with Goldman,
Sachs & Co. ("Goldman") to repurchase an aggregate of $50 million of
Plantronics' common stock under an accelerated share repurchase program
("ASR program").
"In connection with the 7 million share repurchase authorization
announced on May 3, 2011, we continue to pursue an accelerated pace of
repurchases by entering into a follow-on ASR agreement upon completion of
our prior ASR program announced in May 2011," said Ken Kannappan,
President & CEO.
Plantronics is scheduled to pay $50 million to Goldman on August 24, 2011
and will receive delivery of shares by Goldman pursuant to the ASR
agreement. A majority of the shares are scheduled to be delivered by
Goldman by August 24, 2011. The remaining shares to be repurchased will
be based generally on the daily volume-weighted average price of
Plantronics' common stock during the term of the ASR agreement, and under
certain circumstances Goldman will not deliver additional shares and
Plantronics will be required to make an additional payment or deliver
shares to Goldman.
The prior $100 million ASR program announced on May 9, 2011 was completed
on August 9, 2011. On August 12, 2011, Plantronics received an additional
648,505 shares for a total of 2,831,519 shares received.
Safe Harbor
This release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, including statements
that the Company will repurchase $50 million of Plantronics' common stock
under an accelerated share repurchase program; that the Company will pay
Goldman $50 million by August 24, 2011; that the Company will receive
shares from Goldman pursuant to the ASR agreement; that the majority of
shares to be repurchased will be delivered by Goldman by August 24, 2011
or that the remaining shares to be repurchased will be based generally on
the daily volume-weighted average price of Plantronics' common stock
during the term of the ASR agreement. There are important factors that
could cause actual results to differ materially from those anticipated by
any such statements. These risks include, but are not limited to: the ASR
agreement is subject to terms and conditions that include adjustments
upon the occurrence of certain events and certain circumstances under
which the ASR Agreement may be terminated. Plantronics does not assume
any obligation to update or revise any such forward-looking statements,
whether as the result of new developments or otherwise.
For more information concerning these and other possible risks, please
refer to the Company's Annual Report on Form 10-K filed May 31, 2011,
quarterly reports filed on Form 10-Q and other filings with the
Securities and Exchange Commission as well as recent press releases.
These filings can be accessed over the Internet at
http://www.sec.gov/edgar/searchedgar/companysearch.html.
About Plantronics
Plantronics is a global leader in audio communications
for businesses and consumers. We have pioneered new trends in audio
technology for 50 years, creating innovative products that allow people
to simply communicate. From Unified Communication solutions to Bluetooth
headsets, we deliver uncompromising quality, an ideal experience, and
extraordinary service. Plantronics is used by every company in the
Fortune 100, as well as 911 dispatch, air traffic control and the New
York Stock Exchange. For more information, please visit
www.plantronics.com or call (800) 544-4660.
Plantronics and the logo design are trademarks or registered trademarks
of Plantronics, Inc. The Bluetooth name and the Bluetooth trademarks are
owned by Bluetooth SIG, Inc. and are used by Plantronics, Inc. under
license. All other trademarks are the property of their respective owners.
INVESTOR CONTACT:
Greg Klaben
Vice President of Investor Relations
(831) 458-7533
MEDIA CONTACT:
Russell Castronovo
Director of Global Communications
(831) 458-7598
Copyright 2011, Market Wire, All rights reserved.
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