Actions Semiconductor Updates Share Repurchase Program

Oct 03, 2008 (M2 PRESSWIRE via COMTEX) -- ACTS | Quote | Chart | News | PowerRating -- Actions Semiconductor Co., a Chinese fabless semiconductor companies that provides mixed-signal system-on-a-chip (SoC) and multimedia digital signal processing (DSP) solutions for portable consumer electronics, provided an update on its share repurchase plan.

The company noted in its report that on May 10, 2007 Actions' board of directors authorized a program to repurchase up to 8 million of its American Depositary Shares (ADSs) representing 48 million ordinary shares. To date, the Company has invested approximately $12.9 million in the program, representing over 3.2 million ADSs. The repurchased shares are used in connection with the Company's employee benefit plans and other general corporate purposes. At the end of the second quarter of 2008, the Company had approximately 84 million outstanding ADSs.

The Company may repurchase shares in the open market or through privately negotiated transactions. The timing and actual number of ADSs repurchased will depend upon market conditions and other factors, in accordance with Securities and Exchange Commission requirements.

"During the third quarter, we significantly increased the repurchase of our company shares at values near or below the per share cash levels. We believe our stock repurchase program demonstrates our ongoing commitment to building shareholder value, our continued confidence in the strength of our business model, and our management team's ability to execute. We will continue to prudently repurchase shares as part of our corporate strategy and in compliance with SEC's regulations on the repurchase program," said Nan-Horng Yeh, CEO of Actions Semiconductor.

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