[B] FULL: Nam Tai Elec boosts buyback program to 3 mln shrs from 2 mln
By Bridge News
New York--Apr 8--Nam Tai Electronics Inc.'s board authorized an increase in
the company's share repurchase program to three million shares from two million
shares. The program was extended to Dec. 31.
* * *
The following is the text of today's announcement with emphasis added by
Bridge News. BridgeStation links to company data have been inserted at the end:
NAM TAI ELECTRONICS, INC. ("NAM TAI" OR THE "COMPANY") (NASDAQ: NTAI;
NTAIW) TODAY ANNOUNCED THAT ITS BOARD OF DIRECTORS HAS INCREASED THE MAXIMUM
NUMBER OF COMMON SHARES THAT MAY BE REPURCHASED UNDER THE COMPANY'S REPURCHASE
PROGRAM FROM 2,000,000 TO 3,000,000 COMMON SHARES. IN ADDITION, THE SHARE
REPURCHASE PROGRAM IS EXTENDED TO DECEMBER 31, 1999.
On January 13, 1998 Nam Tai announced the Board of Directors had approved a
share repurchase program to buy-back up to an aggregate of 1,000,000 common
shares of the Company in the open market, from time to time, at prevailing
market prices. On July 2, 1998, the Company increased the maximum number to
2,000,000 common shares. On January 7, 1999, the Company announced the
extension of the repurchase program for an additional six months. Today's
announcement is an extension of the previous announcements.
To date, the Company has repurchased 1,831,200 common shares. The share
repurchase program is expected to continue until December 31 1999, in accordance
with SEC Rule 10b-18, u
nless extended or shortened by the Board of Directors.
"The Company's share repurchase program is being increased and extended
because the Board of Directors do not believe the current market price of the
common shares reflects the long-term potential of the Company" commented Tadao
Murakami, Chairman of the Company.
Nam Tai Electronics, Inc. is a consumer electronics design and manufacturing
service provider to some of the world's leading original equipment
manufacturers. Products manufactured by Nam Tai include palm-sized PC's,
personal organizers, personal digital assistants, linguistic products,
calculators, smart card readers and various components which are used in
telecommunication products, electronic toys, and household products. Further
information is available from Nam Tai's web site at namtai.com.
SOURCE Nam Tai Electronics, Inc.
/CONTACT: Mark Waslen of Nam Tai Electronics, Inc., 604-669-7800, or
fax,604-669-7816, or 800-661-8831, investor@namtai.com/
/Web site: namtai.com
End
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[symbols:US;NTAI]
Apr-08-1999 06:22 GMT
Symbols:
US;NTAI
Source [B] BridgeNews Global Markets
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