Global Sources Ltd. (GSOL) announced the preliminary results of its cash tender offer to purchase up to 5 million shares of its issued and outstanding common shares at a price of $10.00 per share. The offer to purchase shares commenced on April 30 and expired on May 28.
As of May 28, 2014, the company's shares closed at $8.71 per share, as compared to $8.89 per share as of April 30.
Based on the preliminary count, approximately 29.6 million shares of the company's common shares were properly tendered and not properly withdrawn.
As the number of shares tendered was greater than the number of shares that the company offered to purchase, it will be necessary to apply the "odd lot" priority and pro-ration provisions, which are estimated to be concluded by June 4. Payment to shareholders is expected to commence after that process has been completed.
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