Emmis honcho Jeff Smulyan and NBA Indiana Pacers head Herbert Simon are the principals of HSJS LLC are using that firm to acquire 98,100 shares of stock in Smulyan’s communications company, and may buy even more. The reason:
He thinks the stock is undervalued.
The partners had already picked up 585,980 Class A shares before grabbing the addition 98K plus. The average price of the latest acquisition was $1.48 per share. The resulting total of 684,080 is worth just over a million dollars.
According to reports out of Indianapolis, Stifel Nicolaus & Co. is handling the stock buys, and was authorized to pick up a million shares at prices up to $2/per. This program was instituted after the 586K purchase, and the 98K purchase is said to be the first installment of the new acquisition program.
The Indianapolis Business Journal notes that Smulyan is but the latest Emmis exec to acquire more stock in the company. Chief strategy office Gregory Loewen is said to have recently acquired just over 72K shares; CFO Patrick Walsh bought over 50K shares and radio president Richard Cummings purchased 35K shares. The buys of all three execs were in the $1.30-$1.35 range.
Emmis stock was trading at $1.49 per share at close of business Friday 5/18/12.
RBR-TVBR observation: It’s one thing to express confidence in your company’s future. It’s another thing entirely to put your money where your mouth is and place a bet on it. We applaud Jeff Smulyan’s strong vote of confidence in the new Emmis Communications.