AutoNavi Holdings Limited Buyback
OLI recorded this information on 6/5/2013
AutoNavi Holdings Limited
Share Amount Authorized:
AutoNavi has been authorized, but not obligated, by its board of directors to repurchase up to 2.5 million of the Company's American depositary shares ("ADSs") within 12 months, beginning from June 5, 2013. The repurchases may be made from time to time on the open market at prevailing market prices pursuant to a 10b5-1 plan (which allows AutoNavi to repurchase its ADSs pursuant to the pre-determined terms under the plan at any time, including periods in which it may be in possession of material non-public information), in negotiated transactions off the market, in block trades or otherwise. The timing and extent of any purchases will depend upon market conditions, the trading price of its ADSs and other factors, and are subject to the restrictions relating to volume, price and timing under applicable law. AutoNavi expects to implement this share repurchase program in a manner consistent with market conditions and the interests of the Company's shareholders. AutoNavi's Board of Directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size accordingly. AutoNavi plans to fund repurchases made under this program from its available cash balance.
Autonavi Holdings is a provider of digital map content and navigation solutions in China. At the core of Co.'s business is a comprehensive nationwide digital map database that covers approximately 4.3 million kilometers of roadway and over 26 million points of interest across China. Almost all of China's 1.3 billion people live within the area covered by Co.'s digital map database. In addition, Co. has completed 3-D navigation maps of key areas in 60 major cities and photo-realistic 3-D models of 54 cities for public sector projects. Co. has also built a technology platform that enables Co. to develop tailored solutions for Co.'s customers.
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Strong Sell (0.00 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on Zacks ABR data;
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