Sep 22 2010
Chemspec International Limited (NYSE: CPC; "Chemspec" or the "Company"), a leading China-based contract manufacturer of highly-engineered specialty chemicals, today announced that its board of directors has authorized a share repurchase program that would allow the Company to repurchase up to US$10 million of its American Depositary Shares ("ADSs") on the open market between September 22, 2010 and September 21, 2011.
The repurchases will be made from time to time on the open market at prevailing market prices. The timing and extent of any purchases will depend upon market conditions, the trading price of the ADSs and other factors, and will be subject to restrictions relating to volume, price and timing under applicable laws, including Rule 10b-18 of the Securities Exchange Act of 1934.
Commenting on the ADS repurchase program, Dr. Jianhua Yang, Chairman and Chief Executive Officer of Chemspec, said, "Our board of directors believes that the repurchase program is an effective use of cash to enhance value for our shareholders and demonstrate our confidence in the long-term health and future financial performance of our business."
Chemspec expects to implement this share repurchase program in a manner that is consistent with market conditions, and always in the interest of the Company's shareholders. Chemspec's board of directors will review the share repurchase program periodically, and may authorize adjustments, both in terms of size and conditions, accordingly.
Source:
Chemspec International Limited
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