NEW YORK, June 11, 2015 /PRNewswire/ -- Global Sources
Ltd. (NASDAQ: GSOL) intends to commence an issuer tender offer by
the end of June 2015, with expected
completion before the end of July
2015, for up to 6,666,666 shares, or approximately 22.05% of
its outstanding common shares as of April
30, 2015, at a purchase price of $7.50 per share in cash.
Global Sources expects to fund the tender offer with cash on
hand. As of March 31, 2015, Global Sources had total cash, cash equivalents and
available-for-sale securities of approximately $103.6 million.
The offer will afford tendering shareholders liquidity for some
or all of their shares and will permit them to have their shares
repurchased at a 16.82% premium over the closing price per share of
$6.42 on June
10, 2015, the last full trading day before the date of this
announcement. Shareholders who elect not to tender their shares in
the offer will increase their relative percentage ownership in
Global Sources following completion of the offer.
Global Sources' executive chairman, Merle A. Hinrich, said: "I am pleased to
announce that after carefully considering all of the options to
return capital to the shareholders, the Board of Directors has
approved a tender offer as the most efficient alternative at this
time. We believe this measure reflects our continued commitment to
enhancing shareholder value and enables all shareholders to
participate equally in a return of investment, if so chosen. At the
close of the transaction, Global Sources will still have a strong
balance sheet, giving us the financial strength to pursue our
growth initiatives and other options to invest in the
business."
Global Sources has been informed that its Directors and Officers
who own shares can be expected to tender all or a portion of their
shares in the offer. Such Directors and Officers beneficially owned
approximately 47.80% of Global Sources' outstanding common shares
as of Feb.
28, 2015.
THIS PRESS RELEASE CONSTITUTES NEITHER AN OFFER TO BUY NOR THE
SOLICITATION OF AN OFFER TO SELL SHARES. THE SOLICITATION AND THE
OFFER TO BUY GLOBAL SOURCES' COMMON SHARES WILL ONLY BE MADE
PURSUANT TO AN OFFER TO PURCHASE AND RELATED MATERIALS THAT GLOBAL
SOURCES EXPECTS TO BEGIN DISTRIBUTING TO ITS SHAREHOLDERS BY THE
END OF JUNE 2015. SHAREHOLDERS SHOULD
READ THESE MATERIALS CAREFULLY BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION, INCLUDING VARIOUS TERMS AND CONDITIONS OF THE OFFER.
SHAREHOLDERS WILL BE ABLE TO OBTAIN FOR FREE THE OFFER TO PURCHASE
AND OTHER FILED DOCUMENTS AT THE SEC'S WEBSITE AT
HTTP://WWW.SEC.GOV. ONCE AVAILABLE, THESE DOCUMENTS MAY ALSO BE
OBTAINED FOR FREE IN THE INVESTOR RELATIONS SECTION OF GLOBAL
SOURCES' WEBSITE AT GLOBALSOURCES.COM.
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.
Global Sources' other businesses provide Chinese-language media
to companies selling to and within Greater China. These services include online
web sites, print and digital magazines, seminars and trade shows.
In mainland China, Global Sources
has a network of more than 30 office locations and a community of
more than 5 million registered online users and magazine readers of
its Chinese-language media.
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