Online Vacation Center Holdings Corp. Announces 400,000 Share Repurchase Program

Rhea-AI Summary

Online Vacation Center Holdings Corp. (OTCPK:ONVC) has announced a share repurchase program to buy back up to 400,000 shares at $1.50 per share. The offer expires on August 30, 2024, unless extended or withdrawn. Shareholders can tender eligible shares until 5:00 pm Eastern time on the expiration date. The company will use its cash and investments to fund the program. Offer documents will be mailed to shareholders and available on www.otcmarkets.com. ONVC, a Florida-based holding company, is one of the largest cruise retailers in the US, with a portfolio including Online Vacation Center, Dunhill Vacations News, Luxury Link, and other travel-related businesses.

Positive

• Share repurchase program of 400,000 shares at $1.50 per share, potentially increasing shareholder value
• Company has sufficient cash and investments to fund the repurchase program
• ONVC is one of the largest cruise retailers in the US, indicating strong market position

Negative

• The repurchase program may reduce the company's cash reserves
• time frame for shareholders to participate in the offer (expires August 30, 2024)
• Potential for proration if more than 400,000 shares are tendered

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)-- Online Vacation Center Holdings Corp. (OTCPK:ONVC) today announced that it will commence an offer to purchase up to 400,000 shares of its common shares at a price of $1.50 per share.

The offer will expire on August 30, 2024 (“Expiration Date”) at 5:00 pm, Eastern time, unless the offer is extended or withdrawn. To participate in the offering, a shareholder must tender eligible shares on or prior to 5:00 p.m. Eastern time on the Expiration Date and these tenders may be withdrawn at any time on or prior to the expiration date. The offer to purchase is subject to a number of terms and conditions described in the Offer documents that are being distributed to shareholders.

Shareholders will receive the purchase price in cash, for shares tendered at a price per share equal to $1.50, less any applicable withholding taxes and expenses, subject to the conditions of the repurchase offer, including the provisions relating to proration. Those provisions will be described in the Offer documents, which will be distributed to shareholders upon commencement of the offer to purchase.

The Company will use a portion of its cash and investments to fund the share repurchase program.

The offer documents are being mailed to shareholders of record and also will be made available online at www.otcmarkets.com.

None of Online Vacation Center Holdings Corp., its Board of Directors, or the Company’s Transfer Agent are making any recommendations to shareholders as to whether to sell their shares to the Company pursuant to the offer to purchase. Shareholders must make their own decisions as to how many shares they will sell to the Company, if any. In so doing, shareholders should read and evaluate carefully the information in the Offer documents.

THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL SHARES OF ONLINE VACATION CENTER HOLDINGS CORP COMMON STOCK. THE OFFER TO PURCHASE IS BEING MADE ONLY PURSUANT TO THE OFFER DOCUMENTS THAT WILL SHORTLY BE DISTRIBUTED TO ITS SHAREHOLDERS. SHAREHOLDERS AND INVESTORS SHOULD READ CAREFULLY THE OFFER DOCUMENTS BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE VARIOUS TERMS OF, AND CONDITIONS TO, THE OFFER TO PURCHASE.

Online Vacation Center Holdings Corp. is a Florida holding company, focused on internally growing and developing its group of diversified vacation marketers with a range of products that can be cross-sold to an extensive database as well as online sales of golf training aids. Online Vacation Center Holdings Corp. is one of the country's largest cruise retailers. Its portfolio of companies include Online Vacation Center, Dunhill Vacations News, Luxury Link, Enrichment Journeys, Home Based Travel Experts dba Expedia Cruises® of OVC, and OVC Financial dba Golf Around the World. The Company, based in Fort Lauderdale, Florida, has been in business for over 50 years. Additional information can be found at www.onlinevacationcenter.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240717878166/en/

Online Vacation Center Holdings Corp.

Stephen Rudner

investorrelations@onlinevacationcenter.com

Source: Online Vacation Center Holdings Corp.

FAQ

What is the share repurchase price offered by Online Vacation Center Holdings Corp. (ONVC)?

Online Vacation Center Holdings Corp. (ONVC) is offering to repurchase shares at a price of $1.50 per share.

How many shares is ONVC planning to repurchase in this program?

ONVC is planning to repurchase up to 400,000 shares of its common stock in this program.

When does the share repurchase offer for ONVC expire?

The share repurchase offer for ONVC is set to expire on August 30, 2024, at 5:00 pm Eastern time, unless extended or withdrawn.

How can ONVC shareholders participate in the share repurchase program?

ONVC shareholders can participate by tendering their eligible shares on or before 5:00 pm Eastern time on the expiration date (August 30, 2024).