Plantronics, Inc. (NYSE: PLT) today announced that it entered into an
Accelerated Share Repurchase agreement (”ASR agreement”) with Goldman,
Sachs & Co. (”Goldman”) to repurchase an aggregate of $50 million of
Plantronics’ common stock under an accelerated share repurchase program
(”ASR program”).
“In connection with the 7 million share repurchase authorization
announced on May 3, 2011, we continue to pursue an accelerated pace of
repurchases by entering into a follow-on ASR agreement upon completion
of our prior ASR program announced in May 2011,” said Ken Kannappan,
President & CEO.
Plantronics is scheduled to pay $50 million to Goldman on August 24,
2011 and will receive delivery of shares by Goldman pursuant to the ASR
agreement. A majority of the shares are scheduled to be delivered by
Goldman by August 24, 2011. The remaining shares to be repurchased will
be based generally on the daily volume-weighted average price of
Plantronics’ common stock during the term of the ASR agreement, and
under certain circumstances Goldman will not deliver additional shares
and Plantronics will be required to make an additional payment or
deliver shares to Goldman.
The prior $100 million ASR program announced on May 9, 2011was completed
on August 9, 2011. On August 12, 2011, Plantronics received an
additional 648,505 shares for a total of 2,831,519 shares received.
Safe Harbor
This release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended, including statements
that the Company will repurchase $50 million of Plantronics’ common
stock under an accelerated share repurchase program; that the Company
will pay Goldman $50 million by August 24, 2011; that the Company will
receive shares from Goldman pursuant to the ASR agreement; that the
majority of shares to be repurchased will be delivered by Goldman by
August 24, 2011 or that the remaining shares to be repurchased will be
based generally on the daily volume-weighted average price of
Plantronics’ common stock during the term of the ASR agreement. There
are important factors that could cause actual results to differ
materially from those anticipated by any such statements. These risks
include, but are not limited to: the ASR agreement is subject to terms
and conditions that include adjustments upon the occurrence of certain
events and certain circumstances under which the ASR Agreement may be
terminated. Plantronics does not assume any obligation to update or
revise any such forward-looking statements, whether as the result of new
developments or otherwise.
For more information concerning these and other possible risks, please
refer to the Company’s Annual Report on Form 10-K filed May 31, 2011,
quarterly reports filed on Form 10-Q and other filings with the
Securities and Exchange Commission as well as recent press releases.
These filings can be accessed over the Internet at http://www.sec.gov/edgar/searchedgar/companysearch.html.
About Plantronics
Plantronics is a global leader in audio communications for businesses
and consumers. We have pioneered new trends in audio technology for 50
years, creating innovative products that allow people to simply
communicate. From Unified Communication solutions to Bluetooth headsets,
we deliver uncompromising quality, an ideal experience, and
extraordinary service. Plantronics is used by every company in the
Fortune 100, as well as 911 dispatch, air traffic control and the New
York Stock Exchange. For more information, please visit www.plantronics.com
or call (800) 544-4660.
Plantronics and the logo design are trademarks or registered trademarks
of Plantronics, Inc. The Bluetooth name and the Bluetooth trademarks are
owned by Bluetooth SIG, Inc. and are used by Plantronics, Inc.
under license.All other trademarks are the property of their respective
owners.
