Key Developments: NVR Inc (NVR)
995.31USD
24 May 2013
$-8.69 (-0.87%)
$1,004.00
$996.42
$999.00
$977.84
18,196
35,917
$1,100.00
$721.56
Latest Key Developments (Source: Significant Developments)
NVR Inc Announces Retirement Of CFO
NVR Inc announced that Dennis M. Seremet has retired effective February 19, 2013. Mr. Seremet's intention to retire was initially announced in May 2012. Mr. Seremet has been employed by NVR since 1988 and has served as the Chief Financial Officer(CFO) since 2005. Daniel D. Malzahn will assume the role of CFO effective February 20, 2013. Mr. Malzahn has been with NVR since 1994, most recently as Vice President of Business Planning and Investor Relations. Full Article
NVR Inc Purchases Pittsburgh, PA Builder, Heartland Homes
NVR Inc announced that on December 31, 2012 , NVR completed the acquisition of substantially all of the assets of Heartland Homes Inc., the second homebuilder in Pittsburgh, Pennsylvania . Terms of the transaction were not disclosed. Full Article
NVR Inc Announces Share Repurchase
NVR Inc announced that its Board of Directors has authorized the repurchase of $300 million of its outstanding common stock. The purchases will occur from time to time in the open market and/or in privately negotiated transactions as market conditions permit. The Company indicated that the authorization is a continuation of the stock repurchase program that began in 1994 and is consistent with NVR's strategy of maximizing shareholder value. Consistent with prior authorizations, this new authorization prohibits the Company from purchasing shares from the Company's officers, directors, Profit Sharing/401K Plan Trust or Employee Stock Ownership Plan Trust. NVR currently has 4,910,530 shares of common stock outstanding. Full Article
NVR Inc Announces Pricing of $600 Million of Senior Notes Due 2022
NVR Inc announced the pricing of its underwritten public offering of $600 million aggregate principal amount of senior notes. The senior notes will bear interest at a rate of 3.95% per year and will mature in 2022. Interest on the notes is payable on March 15 and September 15 of each year, beginning on March 15, 2013. The notes will be unsecured, unsubordinated obligations of NVR. The closing of the offering is expected to occur on September 10, 2012, subject to customary closing conditions. NVR estimates that the net proceeds of this offering will be approximately $593.7 million, after deducting the underwriting discounts and estimated offering expenses. NVR intends to use the net proceeds from the offering for general corporate purposes, which may include repurchases of its common shares. Credit Suisse Securities (USA) LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC are serving as joint book-running managers for the offering. Full Article
NVR Inc Announces Offering Of Senior Notes Due 2022
NVR Inc announced its intention to offer, subject to market and other conditions, senior notes due 2022 in a registered underwritten public offering. The notes will be unsecured, unsubordinated obligations of NVR. NVR intends to use the net proceeds from the offering for general corporate purposes, which may include repurchases of its common shares. Credit Suisse Securities (USA) LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC are serving as the joint book-running managers for the offering. Full Article
NVR, Inc. Announces Share Repurchase
NVR, Inc. announced that its Board of Directors has authorized the repurchase of $300 million of its outstanding common stock. The purchases will occur from time to time in the open market and/or in privately negotiated transactions as market conditions permit. The Company indicated that the authorization is a continuation of the stock repurchase program that began in 1994 and is consistent with the Company's strategy of maximizing shareholder value. Consistent with prior authorizations, this new authorization prohibits the Company from purchasing shares from the Company's officers, directors, Profit Sharing/401K Plan Trust or Employee Stock Ownership Plan Trust. The Company currently has 4,976,783 shares of common stock outstanding. Full Article
NVR, Inc. Announces Share Repurchase
NVR, Inc. announced that its Board of Directors has authorized the repurchase of $300 million of its outstanding common stock. The purchases will occur from time to time in the open market and/or in privately negotiated transactions as market conditions permit. Full Article
The Law Firm of Levi & Korsinsky, LLP Announces Investigation of NVR, Inc.
Levi & Korsinsky, LLP announced that it is investigating NVR, Inc., and its Board of Directors, in connection with the Company's 2010 compensation for its CEO and other executives. At the Company’s recent annual shareholder meeting held May 3, 2011, shareholders voted “no” on NVR’s say on pay provision. The investigation concerns whether certain senior officers and executives of NVR’s were awarded salaries, bonuses, and/or other forms of compensation that were excessive or unwarranted based on the NVR’s performance. Specifically, NVR’s total executive compensation increased from $4.45 million in 2009 to approximately $56.4 million in 2010. For example, the Company’s Principal Financial Officer saw an increase in pay from $719,850 to approximately $13.3 million while shares of the Company's stock trade today at about the same price they had been trading at in May 2010. Full Article
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