SALT LAKE CITY, Jan. 23 /PRNewswire-FirstCall/ -- FranklinCovey (NYSE: FC)
today announced that it has given shareholders of its Series A Preferred Stock
notice of redemption for $10 million of the currently outstanding preferred
stock. The notice was given to shareholders of record as of January 23, 2006,
and provides for a redemption price of $25 per share plus accrued dividends
through February 13, 2006, the redemption date. This second prorata
redemption satisfies the extension conditions provided for by the amendment
approved by shareholders at its meeting on January 20, 2006, which grants an
extension to the Company to redeem the remaining $37 million of outstanding
post-redemption Series A Preferred Stock until December 31, 2007. The shares
of preferred stock will be redeemed on a prorata basis, subject to adjustment
for fractional shares. The Company estimates that the redemption will result
in the acquisition and cancellation of approximately 400,000 shares of its
Series A Preferred Stock.
The Company also announced that its Board of Directors has authorized the
repurchase from time to time, at prevailing market prices, of up to $10
million of the Company's currently outstanding common stock. This authority
may be exercised as market conditions warrant and is subject to regulatory
considerations. Purchases may be suspended from time to time or discontinued.
The authorization is open-ended and does not have an expiration date.
About FranklinCovey
FranklinCovey is a leading learning and performance services firm
assisting professionals and organizations in measurably increasing their
effectiveness in leadership, productivity, communication and sales. Clients
include 91 of the Fortune 100, more than three-quarters of the Fortune 500,
thousands of small and mid-sized businesses, as well as numerous government
entities. Organizations and professionals access FranklinCovey services and
products through consulting services, licensed client facilitators, one-on-one
coaching, public workshops, catalogs, more than 100 retail stores, and
http://www.franklincovey.com . Nearly 1,500 FranklinCovey associates provide
professional services and products in 36 offices in 129 countries.
SOURCE FranklinCovey
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Related links:
http://www.franklincovey.com
CONTACT:
Investor Relations, Richard R. Putnam of
FranklinCovey, +1-801-817-1776
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