Exhibit (a)(1)(F)
PRESS RELEASE
P.A.M. Transportation Services, Inc. Commences Self Tender Offer to Purchase up to 200,000 Shares
Tontitown, Arkansas, May 13, 2019….. P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) today announced the commencement of a modified “Dutch auction” tender offer to purchase up to 200,000 shares, or about 3.4%, of its outstanding common stock at a price of not less than $55.00 and not more than $60.00 per share. The tender offer will expire at 5:00 p.m., Eastern Time, on June 11, 2019, unless extended or withdrawn. The Company anticipates paying for the shares tendered in the offer from its available cash and cash equivalents and from funds borrowed under its existing line of credit. The Board of Directors determined that it is in the Company’s best interest to repurchase shares at this time given P.A.M.’s financial condition and stock price.
A modified “Dutch auction” tender offer allows stockholders to indicate how many shares and at what price(s) they wish to tender their shares within the specified price range. Based on the number of shares tendered and the prices specified by the tendering stockholders, the Company will determine the lowest price per share within the range that will allow it to purchase up to 200,000 shares of its common stock, or a lower amount depending on the number of shares properly tendered and not properly withdrawn. Stockholders whose shares are purchased in the offer will receive the determined purchase price per share in cash, without interest, after the expiration of the offer period, subject to the conditions of the tender offer, including the provisions relating to proration. All shares tendered at prices higher than the purchase price will not be purchased and will be promptly returned to stockholders. The tender offer is not conditioned upon any minimum number of shares being tendered; however, the tender offer is subject to a number of other terms and conditions. Specific instructions and an explanation of the terms and conditions of the tender offer are contained in the Offer to Purchase and related materials that are being mailed to stockholders.
P.A.M. Transportation has retained Computershare Trust Company, N.A. as the depositary for the tender offer and Georgeson LLC as the information agent.
Copies of the Offer to Purchase, the related Letter of Transmittal and the Notice of Guaranteed Delivery are being mailed to the Company’s stockholders. Additional copies of the Offer to Purchase, the related Letter of Transmittal or the Notice of Guaranteed Delivery may be obtained at the Company’s expense from the information agent at (888) 613-9988 (toll free). Questions regarding the tender offer should be directed to the information agent at (888) 613-9988 (toll free).
P.A.M. Transportation Services, Inc. is a leading truckload dry van carrier transporting general commodities throughout the continental United States, as well as in the Canadian provinces of Ontario and Quebec. The Company also provides transportation services in Mexico through its gateways in Laredo and El Paso, Texas under agreements with Mexican carriers.
Certain Information Regarding the Tender Offer
The information in this press release describing P.A.M. Transportation’s tender offer is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell shares of P.A.M. Transportation’s common stock in the tender offer. The tender offer is being made only pursuant to the Offer to Purchase and the related materials that P.A.M. Transportation is distributing to its stockholders, as they may be amended or supplemented. Stockholders should read such Offer to Purchase and related materials carefully and in their entirety because they contain important information, including the various terms and conditions of the tender offer. Stockholders of P.A.M. Transportation may obtain a free copy of the Tender Offer Statement on Schedule TO, the Offer to Purchase and other documents that P.A.M. Transportation is filing with the Securities and Exchange Commission from the Securities and Exchange Commission’s website at www.sec.gov. Stockholders may also obtain a copy of these documents, without charge, from Georgeson LLC, the information agent for the tender offer, toll free at (888) 613-9988. Stockholders are urged to carefully read all of these materials prior to making any decision with respect to the tender offer. Stockholders and investors who have questions or need assistance may call Georgeson LLC, the information agent for the tender offer, toll free at (888) 613-9988.