Plastec Technologies Approves New Repurchase Plan of up to $5 Million of Ordinary Shares and Warrant
Plastec Technologies Approves New Repurchase Plan of up to $5 Million of Ordinary Shares and Warrants; Announces Completion of Prior Repurchase Plan
HONG KONG--(BUSINESS WIRE)-- Plastec Technologies, Ltd. - (OTCBB: PLTYF (ordinary shares), PLTWF (warrants), PLTEF (units)) ("Plastec" or the "Company"), an integrated plastic manufacturing services provider that operates in the People's Republic of China, today announced that the Company has completed its previously announced repurchase plan of up to $5 million of its ordinary shares and warrants, which was subject to expire on December 9, 2013. At the completion of the plan, Plastec had repurchased 832,765 shares and 85,000 warrants thereunder.
The Company also announced today a new 12-month repurchase plan through September 25, 2014, allowing Plastec to purchase up to $5 million of its ordinary shares and warrants in both open market and privately negotiated transactions at the discretion of the Company's management and as market conditions allow. The Company reported unaudited cash and cash equivalents at June 30, 2013 of $38.2 million and does not expect this repurchase plan to impede any of its growth initiatives.
The Company intends to effect the open market repurchases at prevailing market prices in compliance with the Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The timing and actual number of shares and/or warrants purchased will depend on a variety of factors such as price, corporate and regulatory requirements, and other prevailing market conditions. The plan will continue through September 25, 2014, but may be modified, suspended, or terminated without prior notice.
Mr. Kin Sun Sze-To, Chairman and CEO of Plastec, commented, "We continue to feel the current valuation of our share and warrant prices remain a strong investment and prudent use of our free cash flow, while not acting as an impediment to our growth. The new repurchase program will continue to give us the flexibility to repurchase our shares and warrants as and when market conditions are optimal."
Originally founded in 1993 by Chairman and CEO, Mr. Kin Sun Sze-To, Plastec is an integrated plastic manufacturing services provider that operates in the People's Republic of China through its wholly owned subsidiaries. With approximately 5,400 employees, Plastec provides precision plastic manufacturing services from mold design and fabrication, plastic injection manufacturing to secondary-process finishing, as well as parts assembly.
Forward Looking Statements
This press release contains "forward-looking statements." These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements.
Plastec Technologies, Ltd.
Chief Financial Officer
Eli D. Scher
The Equity Group Inc.
Adam Prior, 212-836-9606
Senior Vice President
KEYWORDS: United States Asia Pacific North America New York Hong Kong
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