A.T. Cross, the parent of Native Eyewear, repurchased 1.5 million of the company's Class A common stock for approximately $5.1 million. All of the shares were purchased from Galal Doss, a member of the company's Board of Directors. Upon completion of the transaction, Doss continued to hold 2.8 million shares.
Commenting on the transaction Doss, who will remain a member of the Board, stated, “Consistent with recent decisions I have made regarding my other assets I reduced my position in A.T. Cross for personal reasons. I remain supportive of the direction of the Company and believe that we have the right management, brands and resources to move forward from 2009 and build shareholder value.”
David G. Whalen, CEO of A.T. Cross stated, “I am very pleased that our efforts to build a strong balance sheet allowed us to complete this transaction. I strongly believe that this use of capital will be rewarding for our shareholders and we are fortunate that we were in a position to respond to the opportunity.”
Further, Whalen commented, “I appreciate the decision that Galal has made. Galal has always been a supportive and productive member of our Board. I look forward to continuing to benefit from his advice and contributions.”
Stephens Inc. provided a fairness opinion to the Board of Directors in connection with this transaction.
A.T. Cross also makes writing instruments, timepieces, business accessories as well as Costa Del Mar sunglasses.
