A paper statement from SFX Entertainment says that company chairman Robert F. X. Sillerman has "recently acquired an additional 361,080 shares of its Class A Common Stock through the exercise of options."
Sillerman's stock was purchased at "exercise prices" of $16.08 and $20.45 per share.
The purchase of the stock was announced one day after Wall Street's major sell off on Tues., Jan 4. At press time, SFX was trading at 33 and 3/4, down 7/8 or -2.53 percent. The 52-week range of SFX stock runs from 25 to 51 and 5/8, with the low point being recorded in late October.
These recent purchases were made in addition to Sillerman's acquisition of 737,964 shares through open market purchases in the last quarter of 1999.
SFX reports that Sillerman has told the company that he "has at no time sold any of his shares in SFX nor does he have any present intention of selling stock being purchased in connection with the exercise of the options, or any other stock. " "I decided to avail myself of the opportunity to purchase this significant block of SFX stock," Sillerman said in the statement, "ensuring myself capital gains treatment for the appreciation I expect in the stock.''
Now coming out of a prolonged acquisition program, SFX develops and manages touring Broadway shows, and sells Broadway subscription series and individual productions in 55 markets. An integrated franchise that promotes and produces a broad variety of live entertainment events locally, regionally and nationally, SFX has 120 venues overall, and owns or operates venues in 31 of the top 50 domestic markets.
-- By Murdoch McBride