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) SEPTEMBER 16, 1998
PENN-AMERICA GROUP, INC.
(Exact name of registration as specified in this charter)
Pennsylvania 0-22316 23-2731409
(State or other jurisdiction of (Commission File (I.R.S. Employer
incorporation or organization) Number) Identification No.)
420 S. York Road, Hatboro, Pennsylvania 19040
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (215) 443-3600
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Item 5. Other Events
On September 16, 1998, the Company issued a press release (the "Press
Release") reporting that the Company's Board of Directors had authorized the
Company to repurchase up to 1,000,000 shares of common stock, representing an
expansion of the stock repurchase program, announced on June 18, that authorized
the Company to buy up to 350,000 shares during the ensuing 18 months.
A copy of the Press Release is attached as an Exhibit.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Financial statements of business acquired:
Not applicable.
(b) Pro forma financial information:
Not applicable.
(c) Exhibits:
Penn-America Group, Inc. Press Release dated September 16, 1998.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
PENN-AMERICA GROUP, INC.
Date: September 16, 1998 BY: /s/ Rosemary Ferrero
-------------------------
Rosemary Ferrero
(Principal Accounting Officer)
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For release: September 16, 1998
Contact: Financial: Rosemary Ferrero, CPA
Chief Financial Officer
(215) 443-3612
Media: David Kirk, APR
(610) 792-3329
Summary: Penn-America Group, Inc. (NYSE:PNG) expands stock repurchase
program to maximum of one million shares
HATBORO, PA (September 16, 1998) - The board of directors of
Penn-America Group, Inc. (NYSE: PNG) has authorized the company to repurchase up
to one million shares of common stock. The action represents an expansion of the
repurchase program, announced on June 18, that authorized the company to buy up
to 350,000 shares during the ensuing 18 months.
The expansion in the repurchase program requires approval of a majority
of the board of directors for purchases of more than 100,000 shares at a given
time and is contingent upon the closing of a pending $25 million revolving
credit facility. The company has 9,645,676 shares of common stock outstanding.
Penn-America Group, Inc. is a specialty property and casualty insurance
holding company which, through its subsidiaries, markets and underwrites
commercial property, general liability and multi-peril insurance for small
businesses located primarily in small towns and suburban and rural areas, and
non-standard personal automobile insurance.
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