American Tower announced this morning that, in light of the uncertainty surrounding these requests and its pending internal review, the company has decided to temporarily suspend repurchases under its stock repurchase program.
In example, American Tower provided its executives with options on March 1 at $31.50, the closing price of the stock on that date.
If the stock is trading at $41.50 when they exercise the option, they will receive a profit of $10.00 per share.
On Friday, American Tower said that it had received a letter of informal inquiry from the SEC requesting documents relating to its stock option grants and practices. The Boston-based business was one of 12 companies that had been contacted by the SEC or by a U. Stock options are widely awarded to executives as an incentive to boost the company's share price each year.
They also announced today that they have received a subpoena from the U. Typically the option allows the owner to buy a share of company stock at a certain price at a future date with no financial risk.
We’re going to build.” The carrier has been in discussions with the major towercos for months and is optimistic it can negotiate and still meet its First Net buildout requirements, he said.
Last month, the Hamilton City Council approved a land lease agreement permitting Gold Creek Cellular, a Montana Limited Partnership dba Verizon Wireless, to install a 60-foot, camouflaged tower with an equipment shelter and outdoor generator at Riverview Cemetery, reported the The Wireless Infrastructure Association (WIA) announced the creation of the Telecommunications Education Center (TEC), a new program and online portal that aims to provide the wireless telecommunications industry with a series of education and training courses with the goal of building a stronger and more diverse workforce.) aims to improve safety and quality, reduce costs of wireless infrastructure deployment and address existing skills gaps to meet the needs of companies deploying next-generation network technologies.Speaking to the Cowen and Company 45th Annual Technology, Media and Telecom Conference this week, Donovan characterized the current tower model this way: “We rent an apartment and are charged every time” a new appliance is brought to the space and plugged in.“We’re after a model that is more like a real estate model based on square footage,” he said. Asked whether the carrier is getting back into the tower business, he said: “We’re good builders.American Tower believes the SEC inquiry may have been prompted by an academic study released earlier last week by the Center for Financial Research & Analysis, an independent research firm that identified the tower owner among a group of companies most likely to have backdated options.The Maryland firm analyzed 100 companies with the highest ratio of total stock compensation as a percentage of their average revenue for the six years ending in December 2002, shortly after new accounting rules became effective.The building boasts eight arches formed by eight round columns and is constructed of stone from the area.