Insider seeks to diversify; common shares to be sold at $3.30 apiece
By Devika Patel
Knoxville, Tenn., Dec. 1 - Universal Insurance Holdings, Inc. said it priced a $4.95 million secondary public offering of stock.
President and chief executive officer Bradley I. Meier, the selling shareholder, will sell 1.5 million common shares at $3.30 apiece. The price per share reflects a 4.62% discount to the June 21 closing share price of $3.46.
JonesTrading Institutional Services LLC's Capital Markets Group is the underwriter.
Upon completion of the offering, which is expected on June 27, Meier will own 11,338,971 shares, or about 28.2% of the company's outstanding common stock on June 21. In a Thursday press release, the company said Meier is selling the shares because he "seeks to diversify his financial holdings and assist in tax planning."
Universal is a Fort Lauderdale, Fla., insurance holding company.
| Issuer: | Universal Insurance Holdings, Inc.
|
| Issue: | Common stock
|
| Amount: | $4.95 million
|
| Shares: | 1.5 million
|
| Price: | $3.30
|
| Warrants: | No
|
| Underwriter: | JonesTrading Institutional Services LLC's Capital Markets Group
|
| Pricing date: | June 22
|
| Settlement date: | June 27
|
| Stock symbol: | NYSE: UVE
|
| Stock price: | $3.46 at close June 21
|
| Market capitalization: | $137.86 million
|
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