LandAmerica Announces Additional Common Stock Repurchase Program and Quarterly Dividend
|February 22, 2007|
RICHMOND, Va.,-- LandAmerica Financial Group, Inc. (NYSE: LFG), a leading provider of real estate transaction services, announces that its Board of Directors has approved a program to purchase up to 1,500,000 shares between now and the end of October 2008, or approximately 8.5% of its fully diluted outstanding shares as of December 31, 2006. Purchases of stock will be accomplished primarily in the open market, with the timing of such transactions subject to market conditions and SEC regulations.
We are pleased to establish an additional share repurchase program based on the cash generated from our operating cash flows as well as the recent redomestication of our principal insurance subsidiaries," said Chairman and CEO Theodore L. Chandler, Jr. "This program further demonstrates our commitment to improving our return on equity."
The Company anticipates funding for this program will come from available corporate funds and future excess cash flow. The program would be in addition to purchases made under the share repurchase plan publicly announced in October 2005 that provides for the purchase of up to 1.25 million shares and expires in July 2007.
The Board of Directors has also declared a quarterly dividend of $.22 per share payable on March 15, 2007, to shareholders of record on March 1, 2007.
Source: LandAmerica Financial Group, Inc.