Global Sources Ltd. (Bermuda)(NASDAQ:GSOL), which I wrote about on May 28, announced a buyback this morning at $7.50. The stock has run up about 21 percent since. It’s still cheap, but it’s now bounced out of the All Investable Screener. It may be back if the buyback actually happens and the stock doesn’t budge.
Here’s the release:
4:58 am Global Sources commences an issuer tender offer for up to 6,666,666 shares, or ~22% of its outstanding common shares at a purchase price of $7.50 per share (GSOL) : Co announced it 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 ~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 ~$103.6 million.
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