NEW YORK, July 29, 2015 /PRNewswire/ -- Global Sources Ltd.
(NASDAQ: GSOL) announced today the preliminary results of its cash
tender offer to purchase up to 6,666,666 shares of its issued and
outstanding common shares at a price of $7.50 per share. The offer to purchase shares
commenced on June 26, 2015 and
expired at 12:00 midnight, New York
City time, on July 27,
2015.
As of July 27, 2015, the company's
shares closed at $6.61 per share, as
compared to $6.81 per share as of
June 26, 2015, the date the tender
offer commenced.
Based on the preliminary count by Computershare Trust Company,
N.A., the depositary for the tender offer, approximately 12.6
million shares of the company's common shares were properly
tendered and not properly withdrawn. The number of shares properly
tendered and not properly withdrawn is preliminary and subject to
change. Given that the number of shares tendered was greater than
the number of shares that the company offered to purchase, it will
be necessary to apply the "odd lot" priority and pro-ration
provisions described in the company's offer to purchase. The "odd
lot" priority and pro-ration process is estimated to be concluded
by July 30, 2015 and payment to
shareholders is expected to promptly commence after that process
has been completed. The company will issue payment of $7.50 per share for all "odd lot" and pro-rata
shares that were properly tendered and not properly withdrawn.
Based on the preliminary results of the tender offer, the
company will become a "controlled company" under the NASDAQ rules
upon the completion of the tender offer. As noted in the company's offer to purchase,
the company has no present intention to avail itself of the
corporate governance exceptions afforded to a "controlled company"
under the NASDAQ rules.
In addition to Computershare's role as the depositary, Georgeson
Inc. served as the information agent. Questions regarding the
tender offer should be directed to Georgeson. All shareholders can
contact Georgeson by calling them at: (1-888) 607-6511. Non-U.S.
shareholders can contact Georgeson by calling them at: (1-781)
575-2137. Alternatively, shareholders can email Georgeson at
globalsources@georgeson.com. These telephone numbers and email
address are scheduled to remain operational until at least
Aug. 26, 2015.
About Global Sources
Global Sources is a leading business-to-business media company
and a primary facilitator of trade with Greater China.
The core business facilitates trade between Asia and the world using English-language
media such as online marketplaces (GlobalSources.com), print and
digital magazines, sourcing research reports, private sourcing
events, and trade shows.
More than 1 million international buyers, including 95 of the
world's top 100 retailers, use these services to obtain product and
company information to help them source more profitably from
overseas supply markets. These services also provide suppliers with
integrated marketing solutions to build corporate image, generate
sales leads and win orders from buyers in more than 240 countries
and territories.
Now in its fifth decade, Global Sources has been publicly listed
on the NASDAQ since 2000.
Safe Harbor Statement
This news release contains forward-looking statements within the
meaning of Section 27-A of the Securities Act of 1933, as amended
and Section 21-E of the Securities Exchange Act of 1934, as
amended. The company's actual results could differ materially from
those set forth in the forward-looking statements as a result of
the risks associated with the company's business, changes in
general economic conditions, and changes in the assumptions used in
making such forward-looking statements.
Press Contact in
Asia
|
Investor Contact in
Asia
|
Camellia So
|
Connie Lai
|
Tel: (852)
2555-5021
|
Tel: (852)
2555-4747
|
e-mail:
cso@globalsources.com
|
e-mail:
investor@globalsources.com
|
|
|
Press Contact in
U.S.
|
Investor Contact in
U.S.
|
Brendon
Ouimette
|
Cathy
Mattison
|
Tel: (1-480)
664-8309
|
LHA
|
e-mail:
bouimette@globalsources.com
|
Tel: (1-415)
433-3777
|
|
e-mail:
cmattison@lhai.com
|
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SOURCE Global Sources