The Board of Directors of Exelis, Inc. (NYSE:XLS) authorized a share repurchase program on December 11, 2012. Under the program, the company will repurchase up to $100 million worth of its own shares. The purpose of the program is to offset dilution from equity awards made by the company. Share repurchase transactions may be made from time to time during the defined time period at the discretion of company management and in accordance with all applicable federal securities ... laws. The timing of repurchases and the exact number of shares of common stock to be purchased will depend upon market conditions and other factors. This program may be extended, suspended or discontinued at any time without prior notice. The plan will commence from December 11, 2012 and run through December 31, 2015. As of December 31, 2012, the company has made no repurchases.
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Exelis, Inc. (NYSE:XLS) entered into a share purchase agreement to acquire C4i Pty Ltd. from LongReach Group, Ltd. (ASX:LRG) for AUD 18.3 million in cash on December 10, 2012. The purchase price payable by Exelis to LongReach in cash is equal to the sum of AUD 16 million on a cash-free, debt-free basis and assuming a normal level of working capital in C4i on completion of the transaction and 50% of the amount by which revenues generated by C4i in the two year period ... to June 30, 2014 (i.e. financial year 2013 and financial year 2014) exceed AUD 27.5 million, such payment not to exceed AUD 2.25 million. Part of the purchase price i.e AUD 3.75 million is to be held by an independent third party escrow agent which may be used to satisfy liabilities of LongReach under the share purchase agreement. If the share purchase agreement is terminated before February 28, 2013, or any other date agreed by LongReach and Exelis, as a result of the condition requiring shareholder approval not being satisfied or any other condition not being satisfied or waived as a result of any action or omission of LongReach or C4i or LongReach not complying with a material obligation to complete the transaction as a result of any action or omission of LongReach or C4i, LongReach is required to reimburse the costs, expenses and outgoings of Exelis actually and reasonably incurred in relation to the transaction up to a maximum of AUD 0.5 million. The transaction is subject to the approval of LongReach shareholders and regulatory approval. LongReach anticipates holding a general meeting in mid January 2013 to obtain shareholder approval. As of January 31, 2013, as paer general meeting held, 22.12 million shareholders of LongReach Group voted in favour of transaction. The transaction is expected to be completed in the first quarter of 2013.
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