Giant Interactive (GA) Extends Deadline on $50M Buyback Plan
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Giant Interactive Group Inc. (NYSE: GA) has approved a twelve-month extension for its previous share repurchase plan dated September 26, 2011 which is set to expire at the end of September 2012.
Upon such extension, Giant will continue to be authorized to repurchase up to the remaining balance of the US$50 million, its American Depositary Shares, or ADSs, over the next twelve months, from time to time, in open-market purchases on the NYSE Euronext at prevailing market prices, in trades pursuant to a Rule 10b5-1 repurchase plan, or otherwise, in accordance with applicable federal securities laws, including the anti-manipulation provisions of Rule 10b-18, promulgated under the U.S. Securities Exchange Act of 1934, as amended. The timing and extent of any purchases will depend upon market conditions, the trading price of Giant's ADSs and other factors, including customary restrictions on share repurchases. The repurchase program does not obligate Giant to make repurchases at any specific time or situation. As of the date of this press release, the Company has paid US$7,235,757.76 and repurchased 1,744,909 ADSs under this Plan.
Upon such extension, Giant will continue to be authorized to repurchase up to the remaining balance of the US$50 million, its American Depositary Shares, or ADSs, over the next twelve months, from time to time, in open-market purchases on the NYSE Euronext at prevailing market prices, in trades pursuant to a Rule 10b5-1 repurchase plan, or otherwise, in accordance with applicable federal securities laws, including the anti-manipulation provisions of Rule 10b-18, promulgated under the U.S. Securities Exchange Act of 1934, as amended. The timing and extent of any purchases will depend upon market conditions, the trading price of Giant's ADSs and other factors, including customary restrictions on share repurchases. The repurchase program does not obligate Giant to make repurchases at any specific time or situation. As of the date of this press release, the Company has paid US$7,235,757.76 and repurchased 1,744,909 ADSs under this Plan.
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