Renren Renews Share Repurchase Program
Renren, 12/26/12
Beijing-based social networking site operator Renren (NYSE: RENN) today announced that its Board of Directors has authorized the renewal of the Company's share repurchase program dated September 29, 2011 for another 12 months from January 1, 2013 to December 31, 2013. During the 12-month period, Renren is authorized, but not obligated, to repurchase up to USD 48.2 mln of its American Depositary Shares (ADSs), representing the remaining balance of its previously announced share repurchase plan that ended in September this year.
The repurchases may be made on the open market at prevailing market prices pursuant to Rule 10b5-1 and/or Rule 10b-18 plans, in privately negotiated transactions, in block trades or other legally permissible ways from time to time depending on market conditions and in accordance with applicable rules and regulations. Renren expects to implement this share repurchase program in a manner consistent with market conditions and the interest of its shareholders. Renren's Board of Directors will review the share repurchase program periodically and may authorize adjustment of its terms and size. Renren plans to fund repurchases made under this program from its available cash balance. Under the original share repurchase program of USD 150 mln, the Company had repurchased 24.2 mln ADS in total for an aggregate consideration of USD 101.8 mln.
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