American Pacesetter Ends Shares Repurchase

American Pacesetter said it completed the $5.5-million repurchase of 518,208 common shares of its common stock, including all 293,858 common shares formerly owned by Janet M. Alexander, who had been the Irvine-based concern’s second largest shareholder.

The company said it made the purchases in a series of negotiated transactions beginning in December. John W. Klug, chairman and chief executive, said the prices and terms of the purchases “were attractive in the long term and so we bought them.” The reduction in common shares outstanding to just under 1.5 million shares has increased Klug’s ownership position in the company, through shares he owns or controls, to 45% from 33% last June.

Klug said the company may purchase “limited amounts” of common shares in the future but such purchases are expected to be “quite limited.”

A spokesman for American Pacesetter said the company considers its stock to be undervalued.

In Pacific Stock Exchange trading Wednesday, American Pacesetter closed at $9.75 per share, up 25 cents.

In addition to making electronic equipment, American Pacesetter also builds houses and commercial buildings, operates a mortgage banking company and owns San Clemente Savings & Loan.

For the first nine months of 1985, the company reported net income of $735,000 contrasted with a net loss of $2.7 million for the first three quarters of 1984.