Key Developments For Allegiant Travel Company
Allegiant Travel Company (ALGT.O) (Nasdaq)
Allegiant Travel Company Appoints Andrew Levy As President-Form 8-K
Allegiant Travel Company reported in its Form 8-K that on October 16, 2009, the Company elected Andrew Levy to serve as the Company’s President. Mr. Levy will continue to serve as the Company’s Chief Financial Officer (CFO).
Allegiant Travel Company Announces Filing Of Universal Shelf Registration Statement
Allegiant Travel Company announced that it has filed a universal automatic shelf registration statement on Form S-3ASR with the U.S. Securities and Exchange Commission (SEC) that will permit the Company, from time to time, in one or more public offerings, to offer debt securities (including convertible debt securities), common stock, preferred stock, depositary shares, warrants for any of the preceding, stock purchase contracts, stock purchase units, units consisting of combinations of the preceding, or combinations of the preceding securities. The registration statement would also permit sales of Company securities by selling security holders who may be named in a prospectus supplement. These securities, which may be offered in one or more offerings and in any combination, will in each case be offered pursuant to a separate prospectus supplement issued at the time of the particular offering that will describe the specific types, amounts, prices and terms of the offered securities and the expected use of proceeds from the offering.
Allegiant Travel Company Announces Common Stock Repurchase Program
Allegiant Travel Company announced that the Board of Directors recently approved an increase of the existing $25 million authority in the Common Stock repurchase program by $10 million to a total of $35 million. Under the share repurchase program the Board of Directors approved in January 2009, it spent $10.5 million in open market transactions during the second quarter to acquire 255,350 shares of the Company's Common Stock at an average price of $41.25 per share. Including open market transactions in the first two quarters of 2009, the Company has repurchased a total of 465,525 shares at an average price of $37.79 returning a total of $17.6 million to the shareholders. With the additional $10 million of authority to repurchase shares that it recently received from the Board of Directors, the Company currently have $17.4 million in unused authority remaining for open market purchases under the current Common Stock repurchase plan.
Allegiant Travel Company Announces Pricing Of Public Offering Of Common Stock
Allegiant Travel Company announced that it has priced 2.3 million shares of common stock offered by certain of its selling stockholders. The secondary offering of common stock priced at $50.00 per share and is expected to close on May 11, 2009. The Company will not receive any of the proceeds from the secondary offering. In the offering, 2.25 million of the shares of common stock were offered for sale by PAR Investment Partners, L.P. and 50,000 shares were offered by Timothy P. Flynn, a member of the Company's board of directors. In addition, Maurice J. Gallagher, Jr., the Company's chairman of the board, president and chief executive officer and the Company's largest shareholder, and the Company have granted the underwriter a 30-day option to purchase up to 345,000 shares of common stock to cover any over-allotments, of which up to 100,000 shares would be offered by Mr. Gallagher and up to 245,000 shares would be offered by the Company. Morgan Stanley acted as the sole manager for the offering.
Allegiant Travel Company Announces Proposed Common Stock Offering
Allegiant Travel Company announced the proposed secondary public offering of 2.3 million shares of its common stock. In the offering, 2.25 million of the shares of common stock will be offered for sale by PAR Investment Partners, L.P. Following the offering, PAR Investment Partners will continue to beneficially own over 1.9 million shares of the Company's common stock. In addition, Maurice J. Gallagher, Jr., the Company's Chairman of the Board, President and Chief Executive Officer and the Company's shareholder, and the Company expect to grant the underwriter a 30 day option to purchase up to 345,000 shares of common stock to cover any over allotments, of which up to 100,000 shares would be offered by Mr. Gallagher and up to 245,000 shares would be offered by the Company. Morgan Stanley will serve as the sole book running manager for the offering.
