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Technology Stocks : Creative Labs (CREAF) -- Ignore unavailable to you. Want to Upgrade?

To: Savoirman who wrote (12408)	10/9/1998 4:19:00 PM
From: Market Tracker	Read Replies (1) \| Respond to of 13925

Friday October 9, 12:31 pm Eastern Time Company Press Release SOURCE: Creative Labs, Inc. Creative Technology Announces Share Repurchase Plan Intends to Buy Back up to 9.3 Million Shares After Special Shareholders Meeting on 6 November SINGAPORE, October 9 /PRNewswire/ -- Creative Technology Ltd. (Nasdaq: CREAF - news) today announced its intention to repurchase up to 9,300,000 of its own shares from the market, which is the maximum number of shares (ten percent of issued capital) permitted to be repurchased each year under relevant legislation pending in Singapore to allow share repurchases by Singapore companies. Such repurchases will be subject to the passing of such legislation, the approval of the shareholders in a November 6 general meeting, and market conditions. Creative will be issuing a circular to shareholders next week to convene an extraordinary general meeting on 6 November 1998 to seek approval for the share repurchase. The circular also seeks an amendment of the Company's Memorandum and Articles of Association to empower the Company to repurchase its own shares. It is Creative's current intent to immediately commence repurchasing shares after the November shareholders meeting, assuming the relevant legislation will be passed by then. ''Creative has been working very hard in a variety of way to expedite this share repurchase plan,'' said Sim Wong Hoo, chairman & CEO of Creative. ''We are very pleased that our efforts have made us fully prepared to make use of this opportunity to increase shareholder value at the soonest possible time.'' Compliance With Nasdaq Rules Only Creative also announced today that the Stock Exchange of Singapore Limited (''SES'') has agreed to exempt the Company from continuing to have to comply with SES rules. Creative, whose shares are quoted on both the SES and the Nasdaq, will continue to retain its current listing status on both exchanges. While complying only with the Nasdaq rules, Creative will also, (a) release to the SES and the Singapore market all announcements and filings made in the US at the same time or as soon as practicable after such announcements are made in the US so that investors in Singapore are not placed at a disadvantage to those in the US; and (b) submit to the SES copies of all applications made to the Nasdaq as soon as practicable after such applications have been made. Creative Technology Ltd. develops, manufactures and markets a wide array of advanced multimedia solutions for the PC, entertainment, education, music and productivity tools markets. Creative's products are marketed through the OEM, systems integrator and retail channels under a variety of trademarks, including the ''Blaster'' family name. With the new Sound Blaster(R) PCI standard, Creative has produced a solution that utilizes a combination of hardware and software for near-perfect compatibility with existing DOS and Windows titles. Creative's corporate headquarters and primary manufacturing are based in Singapore, with sales, distribution and research and development being carried out through an extensive, global network of subsidiaries located in North America, Europe, Asia and Africa. For more information on Creative's products and services, visit Creative Zone Web Site at creaf.com.

To: Savoirman who wrote (12408)	10/10/1998 12:27:00 PM
From: Dennis G.	Read Replies (1) \| Respond to of 13925

Well it does appear that Singapore has finally gotten off its butt to act in defense of their own businesses. Should have been done last year though. My question is this. Why does CREAF have to have a shareholders meeting on November 6? I thought they had already approved a $100 million dollar buyback back two quarters ago. Didn't that count for anything? And does this mean they can't authorize another 10% until November 1999? What a major disappointment that would be. What the hell is this 10% restriction for anyway? It's BS. Dennis