BOCA RATON, FL Boca Resorts board of directors has approved a share repurchase program authorizing the company to purchase up to $30 million of its outstanding Class A Common Stock over the next 24 months. Such purchases may be made from time to time at prevailing prices in the open market in compliance with the SEC Rule 10b-18, or in privately negotiated transactions, subject to legal restrictions.
The repurchase program reflects management s belief that the current market price of the company s Class A Common Stock is not indicative of the company s value. Boca Resorts currently has approximately 40.4 million shares of Class A Common Stock outstanding. (5/9/01)