Plastec Technologies Approves New Repurchase Plan of up to $5 Million of Ordinary Shares & Warrants; Announces Completion of ...
September 25 2013 - 8:00AM
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."
About Plastec
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.HL NingChief Financial
Officerning@plastec.com.hkorEli D.
ScherDirectoreli@plastec.com.hkorINVESTOR RELATIONS:The
Equity Group Inc.Adam Prior, 212-836-9606Senior Vice
Presidentaprior@equityny.comorKatherine
YaoAssociatekyao@equityny.com
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