News Article
Avago can repurchase up to 15 million shares
The amended share purchase mandate permits the company to repurchase up to 10 percent of its outstanding ordinary shares before its 2013 AGM
Avago Technologies, a supplier of analogue interface components for communications, industrial and consumer applications, has announced that its Board of Directors has authorised the Company to repurchase up to 15 million of its ordinary shares.
This replaces the share repurchase program announced by the company on June 9, 2011, which expired at the Company’s 2012 annual general meeting on April 4, 2012.
This share repurchase program was adopted pursuant to the share purchase mandate approved by the Avago's shareholders at its 2012 annual general meeting. The share purchase mandate authorises the repurchase by the Company of up to 10 percent of its outstanding ordinary shares prior to the date of the Company’s 2013 annual general meeting.
Share repurchases, if any, will be made in the open market at such times and in such amounts as Avago 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.
