SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 29, 1999
INTERCONTINENTAL LIFE CORPORATION
(Exact name of registrant as specified in its charter)
Texas 0-7288 22-1890938
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
701 Brazos, Suite 1400, Austin, Texas 78701
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (512) 404-5050
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
On June 29, 1999, InterContinental Life Corporation ("ILCO") announced that its
Board of Directors has approved a stock repurchase plan. Under the plan, ILCO
will be able to repurchase up to 5% of its issued and outstanding common stock
in the open market or in "block" transactions, within the meaning of Rule 10b-18
under the Securities Exchange Act of 1934, as amended. In authorizing the
repurchases, the Board of Directors intends that the plan will enhance the value
of the Registrant's common stock and to manage its capital. The Board's action
permits management to commence repurchases at its discretion and to continue
making purchases , without further Board action, within the discretion of
management.
The plan contemplates that repurchases will be made in accordance with the
provisions of Rule 10b- 18 of the Regulations issued under the Securities
Exchange Act of 1934.
A copy of the press release announcing the adoption of the stock repurchase plan
is attached hereto as Exhibit 99.
-2-
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
INTERCONTINENTAL LIFE CORPORATION
By: /s/ James M. Grace
James M. Grace
Vice President and Treasurer
Date: June 30, 1999
-3-
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
99 Press Release of the Registrant
released on June 30, 199
-4-
<PAGE>
Exhibit 99
FOR IMMEDIATE RELEASE
June 29, 1999
FOR MORE INFORMATION CONTACT
Robert S. Cox
512-404-5128
INTERCONTINENTAL LIFE CORPORATION
ANNOUNCES STOCK REPURCHASE PLAN
AUSTIN, TEXAS -- InterContinental Life Corporation (ILCO) today reported that
the Company's Board of Directors has adopted a stock repurchase plan. Under the
plan, ILCO is authorized to repurchase shares up to 5% of its outstanding common
stock at times deemed appropriate. Roy F. Mitte, Chairman, President and Chief
Executive Officer stated that "The Board's action was based on its conclusion
that the ability to repurchase stock under certain circumstances will assist the
Company to enhance the value of its common stock for its shareholders and manage
its capital.
The Company intends to make all repurchases in compliance with applicable
regulatory requirements and to administer the plan in accordance with applicable
securities and other laws, including SEC Rule 10b-18.
As of March 31, 1999, ILCO had assets of $1.3 billion, shareholders equity of
$155.4 million and 8,791,516 shares outstanding.
InterContinental Life Corporation, through its various subsidiaries, markets and
underwrites individual life insurance and annuity products. The Company's NASDAQ
symbol is ILCO.
-5-
<PAGE>
