Linktone's board authorises USD8.0m share repurchase programme
Nov 26, 2012 (Menafn - M2 EQUITYBITES via COMTEX) --The board of directors of Linktone Ltd LTON, a provider of media and entertainment content and services, on Friday authorised the repurchase of up to USD8m of outstanding American Depositary Shares (ADSs).
This repurchase will be made over the next six months, in open-market purchases at prevailing market prices pursuant to a trading plan established under Rule 10b5-1 under the US Securities Exchange Act of 1934.
According to the company, the timing and extent of any purchases will be subject to the parameters specified in the Rule 10b5-1 trading plan and depend on a number of factors, including the price and availability of its ADSs, also, the trading plan may be suspended or discontinued at any time, without prior notice.
In addition, repurchases will be made in accordance with Exchange Act Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of open market stock repurchases.
Linktone plans to finance this repurchase with existing cash reserves and cash generated from operations.
Comments on this story may be sent to email@example.com
(C)1994-2012 M2 COMMUNICATIONS http://www.m2.com