ChipMOS (IMOS) Unit Completes Acquisition of Modern Mind; $10M Buyback Authorized
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ChipMOS Technologies, Ltd. (Nasdaq: IMOS) reports ThaiLin Semiconductor Corp., a 42.9%-owned subsidiary of ChipMOS's 84.2% owned subsidiary, ChipMOS TECHNOLOGIES INC. has completed the purchase of demand notes issued by Modern Mind Technology Limited from ChipMOS. ThaiLin has converted the demand notes into common shares of Modern Mind and purchased all of the remaining common shares of Modern Mind from Jesper Limited, making Modern Mind's wholly-owned subsidiary, ChipMOS TECHNOLOGIES (Shanghai) LTD., a wholly-owned indirect subsidiary of ThaiLin. ChipMOS received payment of US$39.95 million from ThaiLin on October 3, 2011.
ChipMOS also announced that its Board of Directors has approved the Company's repurchase of up to US$10 million of its common shares, utilizing a portion of the proceeds from the Modern Mind transaction. The Company intends to effect the repurchases commencing in the fourth quarter of 2011 in accordance with the requirements of Rule 10b-5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The acquired shares will be retired and cancelled upon repurchases. As of September 30, 2011, the Company had approximately 27 million common shares outstanding.
ChipMOS also announced that its Board of Directors has approved the Company's repurchase of up to US$10 million of its common shares, utilizing a portion of the proceeds from the Modern Mind transaction. The Company intends to effect the repurchases commencing in the fourth quarter of 2011 in accordance with the requirements of Rule 10b-5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The acquired shares will be retired and cancelled upon repurchases. As of September 30, 2011, the Company had approximately 27 million common shares outstanding.
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