- 14 -
• We expect to borrow approximately $250 million to
use with our free cash flow to finance internal
development, acquisitions, and share repurchase
• Our common dividend will increase by 20% and then
approximately 10% per year
• We will maintain a reserve of borrowing capacity
and cash flow generation sufficient to fund our
internal investment and acquisition programs
If the form of the Mosby-Bender transaction is a cash
sale, we would undoubtedly increase the amount of the
share repurchase target and not borrow additional funds
during the plan period.
* * * * * * *
Our plan going forward, unless the Mosby-Bender
transaction produces an unanticipated result, is to
continue our repurchase activity in the same manner [as
pursued from 1995 through 1997]. * * *
Following the Mosby-Bender transaction we will, once
again, look at our repurchase volume target in light of
what could be significantly enhanced resources for
investment, and weigh the same factors to guide our
program. * * *
E. March 5, 1998, Regular Meeting of Times Mirror’s Board
of Directors
A regular meeting of Times Mirror’s board of directors was
convened on March 5, 1998. At this meeting, Thomas Unterman
(Unterman), executive vice president and chief financial officer
of Times Mirror, with the assistance of several GS
representatives, reported on the status of the strategic review
regarding Bender. These matters were also presented to the board
of directors in a written report. In particular, the section
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