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February 15, 2013
11:16 EDTWTSLAWet Seal responds to Clinton Group suggestion of Dutch Auction buyback
Wet Seal disclosed in a filing that the company sent a response to the Clinton Group, after the investment manager delivered a letter to the company's Board of Directors "expressing appreciation for recent measures implemented by the Board" and suggesting the return of additional capital to the company's stockholders via a Dutch Auction share repurchase program. In its response letter, Wet Seal said, "The Board has reviewed and considered your suggestion for a share repurchase via a Dutch Auction, however...the Board believes that the Company's existing $25 million share repurchase program is the appropriate program at this time. As the Company has explained in public comments, it is in the process of reviewing various business strategies and practices, with the goals of increasing operational efficiency, restoring profitability and positioning the Company to make additional investments to drive future growth...The Board continues to believe that the program strikes an appropriate balance between maintaining a more efficient capital structure for the Company's stockholders and ensuring the Company's financial strength while the Company works to stabilize its operating cash flows."
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