ChinaCache Resumes Share Repurchase Plan
ChinaCache International Holdings Ltd. ("ChinaCache" or the "Company") (Nasdaq: CCIH), the leading total solutions provider of Internet content and application delivery services in China, today announced that its Board of Directors has authorized the Company to resume its previously announced US$10 million share repurchase plan, pursuant to which the Company had purchased approximately US$1.5 million worth of its American Depositary Shares ("ADSs") representing the ordinary shares of ChinaCache prior to the expiration of the previous plan in May 2013.
Under the resumed plan, ChinaCache is authorized, but not obligated, to repurchase up to US$8.5 million worth of its ADSs over the next 12 months. The repurchases may be made from time to time on the open market at prevailing market prices, 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. ChinaCache expects to implement this share repurchase program in a manner consistent with market conditions and the interests of the Company's shareholders. ChinaCache's Board of Directors will review the share repurchase program from time to time, particularly when the Company has purchased US$2.0 million worth of its ADSs, and may authorize adjustment of its terms and size accordingly.
The repurchase of the Company's ADSs will be funded by the Company's available cash. As of March 31, 2013, the Company had cash and cash equivalents of approximately US$38.7 million.
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