As expected, GSOL has included odd lot provision in their tender offer. Updated details below”
Current Price – $6.81;
Offer Price – $7.5;
Upside – $68 or 10%;
Expiration date – 27 July, 2015;
Global Sources Ltd. (NASDAQ: GSOL) intends to commence an issuer tender offer by the end of June 2015, with expected completion before the end of July 2015, for up to 6,666,666 shares, or approximately 22.05% of its outstanding common shares as of April 30, 2015, at a purchase price of $7.50 per share in cash. Global Sources expects to fund the tender offer with cash on hand. As of March 31, 2015, Global Sources had total cash, cash equivalents and available-for-sale securities of approximately $103.6 million.
No proration for odd lot holders:
Odd lots will be accepted for payment before any proration of the purchase of other tendered Shares.
Source of Funds:
The Company intends to pay for the Shares purchased pursuant to the Offer, up to $49,999,995, and the related fees and expenses of the Offer, with cash on hand, cash equivalents and available-for-sale securities. We do not have any alternative financing arrangement or alternative financing plans.