News Article
Avago share repurchase program authorised
The repurchase of up to 15 million of the company’s ordinary shares has been authorised and should not exceed $500 million of its shares in the aggregate.
Avago Technologies, a supplier of analogue interface components for communications, industrial and consumer applications, has announced that its Board of Directors has approved a quarterly interim cash dividend of $0.09 per ordinary share.
The Board has also authorised the repurchase of up to 15 million of the Company’s ordinary shares, not to exceed $500 million of its shares in the aggregate.
The dividend is payable on June 30, 2011 to shareholders of record at the close of business (5:00p.m.) Eastern Time on June 17, 2011.
The authorisation of the share repurchase program was made pursuant to the share purchase mandate approved by the Company’s shareholders at its 2011 annual general meeting, which authorises the repurchase by the Company of up to 10% of its outstanding ordinary shares prior to the date of the Company’s 2012 annual general meeting.
Share repurchases, if any, will be made in the open market at such times and in such amounts as the Company deems appropriate. The Company intends to effect any share purchases in compliance with Securities and Exchange Commission Rule 10b-18 or pursuant to a trading plan adopted pursuant to Rule 10b5-1.
The timing and actual number of shares repurchased will depend on a variety of factors including price, market conditions and applicable legal requirements. The share repurchase program does not obligate the Company to repurchase any specific number of shares and may be suspended or terminated at any time without prior notice.
