NEW YORK, June 26, 2015 /PRNewswire/ -- Global Sources
Ltd. (NASDAQ: GSOL) commences today its cash tender offer for up to
6,666,666 shares of its issued and outstanding common shares at
$7.50 per share, or up to
$49,999,995, as previously announced
on June 11, 2015.
As of April 30, 2015, there were
30,231,365 shares of the company's common shares issued and
outstanding. The maximum total number of shares that the company is
offering to purchase represents approximately 22.05% of the
company's total number of common shares issued and outstanding as
at April 30, 2015.
The tender offer is not conditioned upon any minimum number of
shares being tendered or the availability of any financing. It is,
however, subject to certain other conditions set forth in the Offer
to Purchase.
The tender offer is expected to expire at 12:00 midnight,
New York City time, on
July 27, 2015, unless the tender
offer is earlier terminated or extended by the company.
If more than 6,666,666 shares are properly tendered and not
properly withdrawn, then the shares will be purchased:
- First, from all holders of "odd lots" of fewer than 100
shares who properly tender all of their shares and do not properly
withdraw them before the expiration date; and
- Second, from all other shareholders who properly tender
shares, on a pro-rata basis.
The company's board of directors has approved the tender offer.
However, neither the company's management, its board of directors,
the depositary nor the information agent make any recommendation to
any shareholder as to whether to tender or refrain from tendering
any shares. The company has not authorized any person to make any
recommendation.
Georgeson Inc. will serve as the information agent for the
tender offer. All shareholders can contact Georgeson Inc. toll free
by calling them at: (1-888) 607-6511. Non-U.S. shareholders can
contact Georgeson Inc. by calling them at: (1-781) 575-2137.
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 HAS BEGUN DISTRIBUTING TO SHAREHOLDERS AS OF JUNE 26, 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 .
Shareholders should read carefully the information in the Offer
to Purchase and in the Letter of Transmittal as they include
various terms and conditions of the tender offer and should consult
their own investment and tax advisors.
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