America West Holdings Corporation
(NYSE: AWA) announced today that its board of directors approved a new program
authorizing the Company`s purchase of up to five million shares of its
publicly traded Class B common stock and all of its 5.4 million outstanding
publicly traded warrants. The new stock purchase program authorizes purchases
on the open market or in private transactions at any time prior to Dec. 31,
“We believe a stock purchase program continues to be in the best interests
of our shareholders,” said William A. Franke, chairman and chief executive
officer. “The program reflects both our belief that America West stock is an
attractive investment and our ongoing commitment to enhance shareholder
Under its prior stock purchase program, the Company purchased 3.9 million
Class B common shares and 4.9 million warrants, returning $127 million to
shareholders between Sept. 1995 and July 1998.
Shares repurchased under the new program will be held in the Company`s
Treasury and will be available for a variety of corporate purposes, including
use in connection with compensation programs. Repurchased warrants will be
canceled. Each warrant permits a holder to purchase one share of Class B
common stock at any time prior to Aug. 25, 1999, at a price of $12.74.
The new program also contains an “odd-lot” feature to provide shareholders
holding less than 100 shares of Class B common stock the ability to sell their
holdings on a cost effective basis.
America West Holdings Corporation is an aviation and travel services
company with 1997 sales of $1.9 billion. Wholly owned subsidiary America West
Airlines is the nation`s ninth largest airline serving more than 90
destinations in the U.S., Canada and Mexico. The Leisure Company, also a
wholly owned subsidiary, is one of the nation`s largest tour packagers.
This press release, as well as releases issued in the past year by America
West Holdings and its affiliates, can be accessed on the America West Internet
site at http://www.americawest.com or via the Company`s fax-on-demand system by