Movie Gallery to Offer Shares16 May, 2002 By: Hive News
Movie Gallery Inc. will make a public offering of 8.25 million shares of common stock at a price of $18.25 per share, it was announced today. Net proceeds from the sale are intended to be used for the repayment of debt, working capital, acquisitions, new store openings and other purposes, according to a statement issued by the company. Bear, Stearns & Co., and Thomas Weisel Partners LLC are acting as joint managers of the offering. Of the shares, 3.9 million are being offered by the company, and 4.35 million are being offered by shareholders including former president H. Harrison Parrish (3 million shares) and CEO Joe Malugen (1 million shares).