HONG KONG, Dec. 23 /PRNewswire-Asia-FirstCall/ -- Global Sources Ltd. (Nasdaq: GSOL) announced today the preliminary results of its cash tender offer to purchase up to 6.25 million shares of its outstanding common shares at a price of $8.00 per share. The offer to purchase shares commenced on November 21, 2008 and expired at 12:00 midnight, Eastern Time, on December 19, 2008. As of December 19, 2008, the Company's shares closed at $7.51 per share, as compared to $5.54 per share as of November 21, 2008, the date the tender offer commenced.
(Logo: http://www.prnasia.com/sa/200708071747.jpg )
Based on the preliminary count by Computershare Trust Company, N. A., the depositary for the tender offer, approximately 38.8 million shares of the Company's common shares were properly tendered and not properly withdrawn. The number of shares properly tendered and not properly withdrawn is preliminary and subject to change. Given that the number of shares tendered was greater than the number of shares that the Company offered to purchase, pro-ration will be necessary. The pro-ration process is estimated to be concluded by December 26, 2008 and payment to shareholders is expected to promptly commence after that process has been completed. The Company will issue payment of $8.00 per share for all pro-rata shares that were properly tendered and not properly withdrawn.
The Company retained Share Repurchase Programs, Inc. to act as an independent advisor in connection with the tender offer. In addition to Computershare's role as the depositary, Georgeson Inc. served as the information agent. Questions regarding the tender offer should be directed to Georgeson at (866) 295-4321 (Toll-free).
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 uses English-language media to facilitate trade from Greater China to the world. The other business segment utilizes Chinese-language media to enable companies to sell to, and within Greater China.
The company provides sourcing information to volume buyers and integrated marketing services to suppliers. It helps a community of over 753,000 active buyers source more profitably from complex overseas supply markets. With the goal of providing the most effective ways possible to advertise, market and sell, Global Sources enables suppliers to sell to hard-to-reach buyers in over 230 countries.
The company offers the most extensive range of media and export marketing services in the industries it serves. It delivers information on 4.3 million products and more than 196,000 suppliers annually through 14 online marketplaces, 13 monthly magazines, over 100 sourcing research reports and 9 specialized trade shows which run 27 times a year across eight cities.
Suppliers receive more than 43 million sales leads annually from buyers through Global Sources Online ( http://www.globalsources.com ) alone.
Global Sources has been facilitating global trade for 37 years. Global Sources' network covers more than 69 cities worldwide. In mainland China, Global Sources has over 2,800 team members in more than 44 locations, and a community of over 1 million registered online users and magazine readers for Chinese-language media.
FORWARD-LOOKING STATEMENTS
This press release contain certain "forward-looking statements" with respect to Global Sources. These statements relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements also relate to our future prospects, developments and business strategies. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "predict," "will" and similar terms and phrases, including references to assumptions. These forward-looking statements, including current trend information, projections for future business activities and other trend projections, involve risks and uncertainties that may cause our actual future activities and results of operations to be materially different from those suggested or described in the Offer to Purchase.
These risks, uncertainties and other matters can be found in Global Sources Ltd.'s Annual Report on Form 20-F for the fiscal year ended December 31, 2007. Except as required by law, we do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, our actual results may vary materially from those expected, estimated or projected.
The information contained in this press release is a statement of our present intention, beliefs or expectations and is based upon, among other things, the existing regulatory environment, industry conditions, market conditions and prices, the economy in general and our assumptions. We may change our intention, belief or expectation, at any time and without notice, based upon any changes in such factors, in our assumptions or otherwise.
Global Sources Press Contact in Asia:
Camellia So
Tel: +852-2555-5021
Email: cso@globalsources.com
Global Sources Press Contact in U.S.:
James W.W. Strachan
Tel: +1-480-664-8309
Email: strachan@globalsources.com
Global Sources Investor Contact in Asia:
Investor Relations Department
Tel: +852-2555-4777
Email: investor@globalsources.com
Global Sources Investor Contact in U.S.:
Kirsten Chapman & Timothy Dien
Lippert/Heilshorn & Associates, Inc.
Tel: +1-415-433-3777
Email: tdien@lhai.com
