AgFeed announces share buy back programme
AgFeed Industries, the largest commercial hog producer
and premix feed company in China, has announced that the Board of Directors of
the Company has approved and authorised a share buy back programme for as much
as $10 million of its common stock.
AgFeed intends to begin the repurchase programme as soon as
possible, in accordance with the rules and regulations of the US Securities and
Exchange Commission that govern such purchases. The repurchases will be funded
with available cash on hand. Any shares of common stock repurchased under the
program will be returned to treasury.
Under the terms of the repurchase programme, the Company may
repurchase shares in open market purchases or through privately negotiated
The stock repurchase activities will be conducted in
compliance with the safe harbour provisions of Rule 10b-18 of the Securities
Exchange Act of 1934, as amended. AgFeed's management will determine the timing
and amount of any repurchase based on its evaluation of market conditions and
Favourable 3rd Quarter
confirms that the Company is not aware of any negative development within the
Company that may impact AgFeed's financial performance and normal business
operations. Based on preliminary financial results from the Company's 3rd
quarter ended September 30, 2008, AgFeed expects to report record 3rd quarter
earnings by early November. AgFeed also affirms its 2008 earnings guidance of
adjusted earnings per share of $1.10.
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