Harbinger Group Inc. : Harbinger Group Commences $50 Million Share Repurchase
Harbinger Group Commences $50 Million Share Repurchase Program
NEW YORK-August 14, 2013 -- Harbinger Group Inc. ("HGI" or the "Company";
NYSE: HRG) today commenced the $50 million share repurchase program previously
authorized by its Board of Directors on August 8, 2013.
Omar Asali, HGI's President said, "We are initiating this Share Repurchase
Program to opportunistically capitalize on the value that we see in the HGI
platform and our underlying operating businesses. We are committed to
realizing and building long term value for all of our shareholders."
In accordance with the authorized program, the Company purchased 1.7 million
shares from one of the funds affiliated with Harbinger Capital Partners for an
aggregate purchase price of $12.325 million. While the program authorizes the
remaining $37.675 million of shares to be purchased from time to time in one
or more open market or private transactions, the Company expects a significant
portion of the remaining shares to be purchased in the open market. The manner
of purchase, the number of shares to be purchased and the timing of purchases
will be based on the price of HGI's common stock, general business and market
conditions and applicable legal requirements, and is subject to the discretion
of HGI's management. The Company expects to complete the purchase of the
remaining $37.675 million of shares within 12 months. The program does not
require HGI to purchase any specific number of shares or any shares at all,
and may be suspended, discontinued or re-instituted at any time without prior
Forward Looking Statements
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of
1995: Some of the statements contained in the Press Release and certain oral
statements made by our representatives from time to time regarding the matters
described herein, including the completion of the stock repurchase program and
its related terms, are or may be forward-looking statements. Such
forward-looking statements are based upon management's current expectations
that are subject to risks and uncertainties that could cause actual results,
events and developments to differ materially from those set forth in or
implied by such forward-looking statements. These statements and other
forward-looking statements made from time-to-time by HGI and its
representatives describing the stock repurchase program and future plans,
strategies and expectations of HGI, and are generally identifiable by use of
the words "believes," "expects," "intends," "anticipates," "plans," "seeks,"
"estimates," "projects," "may" or similar expressions. Factors that could
cause actual results, events and developments to differ include, without
limitation, capital market conditions, the ability of HGI's subsidiaries
(including, target businesses following their acquisition) to generate
sufficient net income and cash flows to make upstream cash distributions, HGI
and its subsidiaries ability to identify any suitable future acquisition
opportunities, efficiencies/cost avoidance, cost savings, income and margins,
growth, economies of scale, combined operations, future economic performance,
conditions to, and the timetable for, completing the integration of financial
reporting of acquired or target businesses with HGI or HGI subsidiaries,
completing future acquisitions and dispositions, litigation, potential and
contingent liabilities, management's plans, changes in regulations, taxes and
the risks that may affect the performance of the operating subsidiaries of HGI
and those factors listed under the caption "Risk Factors" in HGI's most recent
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, filed with the
Securities and Exchange Commission. All forward-looking statements described
herein are qualified by these cautionary statements and there can be no
assurance that the actual results, events or developments referenced herein
will occur or be realized. HGI does not undertake any obligation to update or
revise forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operation results.
About Harbinger Group Inc.
Harbinger Group Inc. ("HGI"; NYSE: HRG) is a diversified holding company.
HGI's principal operations are conducted through companies that: offer life
insurance and annuity products; branded consumer products (such as consumer
batteries, residential locksets, residential builders' hardware, faucets,
shaving and grooming products, personal care products, small household
appliances, specialty pet supplies, lawn, garden and home pest control
products, personal insect repellents); provide asset-backed loans; and own
energy assets. HGI is principally focused on acquiring controlling and other
equity stakes in businesses across a diversified range of industries and
growing its existing businesses. In addition to HGI's intention to acquire
controlling equity interests, HGI may also from time to time make investments
in debt instruments and acquire minority equity interests in companies. HGI is
headquartered in New York and traded on the New York Stock Exchange under the
symbol HRG. For more information on HGI, visit: www.harbingergroupinc.com.
Source: Harbinger Group Inc.
Harbinger Group Inc.
Tara Glenn, 212-906-8560
Sard Verbinnen & Co
Jamie Tully/Michael Henson, 212-687-8080
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Source: Harbinger Group Inc. via Thomson Reuters ONE
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