LandAmerica Announces Common Stock Repurchase Program
December 8, 2004
Richmond, Virginia – LandAmerica Financial Group, Inc. (NYSE: LFG), a leading provider of real estate transaction services, announced today that its Board of Directors has approved a program to purchase up to 1 million shares, or approximately 5.5%, of its outstanding common stock between now and the end of February 2006. The Company has allocated an amount not to exceed $60 million to this program. Purchases of stock will be accomplished primarily in the open market, with the timing of such transactions subject to market conditions and SEC regulations. The Company anticipates funding for this program to come from available corporate funds, an existing credit facility, and future excess cash flow. The program would be in addition to open market purchases presently made in connection with LandAmerica’s employee benefit plans.
Source: LandAmerica Financial Group