Ruger Announces the Repurchase of 4.3 Million Shares of Its Common Stock at $5.90 Per Share
September 26, 2006
Sturm, Ruger & Company, Inc. (NYSE:RGR) today announced that the Company repurchased 4,272,000 shares of its common stock, representing 15.9% of the total shares outstanding from its largest shareholder, Ruger Business Holdings, L.P. The purchase price of $5.90 per share results in a total purchase price of $25,204,800. Yesterday, the closing price of the Company's stock on the New York Stock Exchange was $7.32. Following this transaction, the Company's total number of outstanding shares is 22,638,720.
Ruger Management, Inc. is the sole general partner of Ruger Business Holdings, L.P. and is owned by William B. Ruger, Jr. and Carolyn R. Vogel, the son and daughter of Company founder William B. Ruger. Mr. Ruger, Jr. resigned as Chairman of the Board of Directors of Sturm, Ruger & Co., Inc. on February 13, 2006, and retired as its Chief Executive Officer on February 28, 2006. The William B. Ruger Revocable Trust of 1988 is the sole limited partner of Ruger Business Holdings, L.P.
[an error occurred while processing this directive]