AgFeed announces share buy back programme

07-10-2008 | |

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.

Beginning soon
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 transactions.

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 other factors.

Favourable 3rd Quarter
AgFeed also 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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• Agfeed Industries 

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