Stewart Announces Stock Repurchase Plan
HOUSTON, July 27, 2007 -- Stewart Information Services Corporation NYSE-STC has approved a plan for the purchase of up to 1.5 percent of the company's Common stock. Purchases of stock under the plan may be made from time to time using the company's internally-generated funds. The company believes that the purchase of Stewart shares at times when the shares are undervalued is an appropriate use of company funds, subject to other corporate opportunities. The stock repurchase plan does not have an expiration date and may be limited or terminated at any time without prior notice.
"When our stock trades below what we believe to be its true intrinsic value, we believe it is an appropriate use of corporate assets for the benefit of our shareholders," said Malcolm S. Morris, co-chief executive officer and chairman. "Such repurchases, combined with the annual cash dividend and a growing book value, are important producers of shareholder returns."
Purchases are planned to be made in the open market, although consideration may be given to block trades or privately negotiated transactions. Stock will not be purchased directly from officers or directors of the company. All purchases will be made in compliance with applicable securities laws and other legal and regulatory requirements which impose daily limits on our repurchases, including restrictions on the timing and amount of our purchases and the prices we may pay.
Stewart Information Services Corporation is a customer-driven, technology-enabled, strategically competitive, real estate information and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries through more than 9,500 policy-issuing offices and agencies in the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at www.stewart.com.