SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC
20549
________________________________________
FORM 8-K
________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: August 15, 1997
(Date of earliest event reported)
INSIGNIA FINANCIAL GROUP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-19066 13-3591193
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification
Number)
One Insignia Financial Plaza
Post Office Box 1089
Greenville, South Carolina 29602
(Address of Principal Executive Office)
Registrant's telephone number, including area code: (864) 239-1000
______________________________________
<PAGE>
Item 5. Other Events
Item 7. Financial Statement and Exhibits
(c) Exhibits
Exhibit No.
99.1 Press Release dated August 15, 1997
<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.
INSIGNIA FINANCIAL GROUP, INC.
By: /s/ John K. Lines
---------------------------
John K. Lines
General Counsel
Date: August 28, 1997
FOR IMMEDIATE RELEASE FOR INFORMATION CONTACT:
James A. Aston
Chief Financial Officer
(212) 750-6070
http://www.INSIGNIAFINANCIAL.COM
INSIGNIA SHARE REPURCHASE PROGRAM TO
COMMENCE AUGUST 18, 1997
Greenville, S.C., August 15, 1997 -- Insignia Financial Group, Inc.
(NYSE:IFS) announced today that it would commence the open market repurchase of
its shares on August 18, 1997. On July 23, 1997 the company announced that the
program had been approved in principal by its board of directors and that it had
received approval of the program by its requisite lenders on July 18, 1997. The
amount of repurchases which could be completed within the existing covenants of
the credit facility is $40 million. Management has received approval of the
board to proceed currently with repurchases of initially up to $10 million which
reflects limitations imposed primarily by the company's expectations of capital
needs created by ongoing expected acquisition activity. The amount and timing of
any share repurchases are subject to the prices at which the company's stock
trades, limitations under the company's credit facility, and the company's
periodic estimates of capital requirements of acquisition opportunities.
With corporate headquarters in Greenville, South Carolina, Insignia
Financial Group, Inc. is a fully-integrated real estate services company.
Insignia is the largest manager of multifamily residential properties in the
United States and is also among the largest managers of commercial properties.
Insignia commenced operations in December 1990 and has since grown to provide
property and/or asset management services for approximately 2,600 properties
which include approximately 270,000 residential units and approximately 147
million square feet of commercial space located in over 500 cities in 48 states.
Certain items in this press release may constitute forward-looking
statements within the meaning of the Private Litigation Reform Act of 1995 (the
"Reform Act") and as such may involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
the company to be materially different from any future results, performance, or
achievements expressed or implied by such forward-looking statements. Such
forward-looking statements speak only as of the date of this press release. The
company expressly disclaims any obligation or undertaking to release publicly
any updates or revisions to any forward-looking statements contained herein to
reflect any change in the company's expectations with regard thereto or any
change in events, conditions or circumstances on which any such statement is
based.
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