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* * * * * * *
Looked at from a spending capacity viewpoint, the
following shows our 1999-2001 total resources for
investment:
$ Millions
Current Surplus Balance� $1,400
1999-2001 Capex 375
1999-2001 Acquisitions 900
Excess Debt Capacity Estimate 500
Total 3-year Resources $3,175
� Includes Mosby proceeds
* * * * * * *
Share Repurchase Status and Outlook
As previously discussed, we expect to have
approximately $3.2 billion of investment capacity over
the next few years. Because our realistic expectations
are to spend about $1.5 billion on acquisitions,
capital projects and dividends, this leaves
$1.5-$2 billion to be deployed in share repurchase,
which is our highest return alternative in the absence
of additional high-return acquisitions or capital
projects.
* * * * * * *
Investment Plans
Most immediately, we have concerned ourselves with
establishing a short-term investment plan that
emphasizes safety and liquidity. Over time, any L.L.C.
funds not deployed in acquisitions, capital investments
or Times Mirror stock shall be managed under our Short-
Term Investment Policy.
After the board of directors had considered the materials
that had been presented to it regarding the LLC and Eagle
Publishing (an LLC created for the Mosby transaction), the board
approved resolutions with respect to the use of the LLC and Eagle
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