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Taomee Holdings (TAOM) – Notable Share Transactions
SHANGHAI, September 28, 2012 /PRNewswire/ — Taomee Holdings Limited (NYSE: TAOM) (“Taomee” or the “Company”), one of the leading children’s entertainment and media companies in China, today announced that its Board of Directors approved the extension of the Company’s previous share repurchase plan dated November 22, 2011 for another 12 months from November 23, 2012 to November 23, 2013. Upon such extension, Taomee is authorized, but not obligated, to continue to repurchase, through open market purchase or privately negotiated transactions, up to the remaining balance of the US$10 million worth of outstanding American Depositary Shares (“ADSs”) representing the ordinary shares of Taomee over the next 12 months, depending on market conditions, share price and other factors, subject to relevant rules and regulations under the U.S. securities laws.
The share repurchase plan will be funded by the Company’s free cash flow as well as existing working capital. As of June 30, 2012, the Company had cash and cash equivalents of approximately US$122.0 million.
2012-09-29 16:23:58
Source: http://geoinvesting.com/companies/taom_taomee_holdings/research/notable_share_transactions/0039930
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