Date: Thu, 20 Nov 1997 19:15:47 GMT Server: NCSA/1.5.2 Last-modified: Mon, 24 Feb 1997 22:16:27 GMT Content-type: text/html Content-length: 3741
FOR IMMEDIATE RELEASE
August 7, 1996Zeigler Boosts Quarterly Dividend 50%, Announces Share Repurchase ProgramFairview Heights, Illinois, August 7, 1996 Zeigler Coal Holding Company President and Chief Executive Officer Chand B. Vyas today announced that the Zeigler board of directors has authorized a 50% increase in the cash dividend and a repurchase of up to 1 million of the company's outstanding shares."I am pleased to announce this dividend increase," said Vyas. "This action reflects both our continuing strong performance and our confidence in the company's prospects." The new quarterly cash dividend of 7.5 cents per share (30 cents per share annualized) represents a quarterly increase of 2.5 cents per share over the previous cash dividend of 5 cents per share. The dividend is payable October 3, 1996, to shareholders of record September 13, 1996. Zeigler also announced the planned repurchase of up to 1 million of the company's common shares. The shares will be purchased from time to time in the open market over the next 24 months, largely to provide a non-dilutive mechanism to fulfill obligations under the company's incentive stock option plans. "Our use of stock options is consistent with our long-standing commitment to align managers' interests with shareholders," said Vyas. "And our repurchase plan enables us to satisfy our option program needs with minimal effects upon our outstanding shares." Vyas stated that the dividend increase and repurchase program will not restrict the company's growth plans. Zeigler currently has 28,360,816 shares outstanding. The Zeigler family of companies is among the largest coal producers and marketers in the United States, and controls more than 1.3 billion tons of economically recoverable coal reserves, including 1 billion tons of low sulfur coal. The Zeigler family of companies currently operates underground and surface coal mining complexes in Illinois, Kentucky, Ohio, West Virginia and Wyoming, which mine primarily steam coal. In addition, the company operates two East Coast import/export terminals and the ENCOAL clean coal technology corporation. |
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