Global Sources (GSOL) – Odd Lot Tender Offer – $148 Gain

Current Price – $8.51

Offer Price – $10.00

Upside – 17.5% or $148 for Odd Lot holders

Expiration date – May 28, 2014

Odd Lot holders (less than 100 shares) are not subject to proration

SEC Filling


Global Sources Ltd., a Bermuda company, is offering to purchase for cash up to 5,000,000 shares of its common shares.  On the terms and subject to the conditions of the Offer, Global Sources will pay $10.00 per share, net to the seller in cash.

The 5,000,000 Shares that we are offering to purchase represent approximately 14.4% of the Company’s issued and outstanding Shares as of February 28, 2014

No proration for Odd Lot holders:

If more than 5,000,000 Shares are properly tendered and not properly withdrawn, we will purchase Shares:

first, from all holders of “odd lots” of fewer than 100 Shares who properly tender all of their Shares and do not properly withdraw them before the Expiration Date; and

second, from all other shareholders who properly tender Shares, on a pro rata basis.

Source of Funds:

The Company intends to pay for the Shares purchased pursuant to the Offer, up to $50,000,000, and the related fees and expenses of the Offer to Purchase, with cash on hand, cash equivalents and available-for-sale securities.  We do not have any alternative financing arrangement or alternative financing plans.