Taomee Holdings Ltd. (NYSE: TAOM) said that its board of directors approved a share repurchase plan on March 28, 2014, effective upon the approval.
Under the plan, Taomee is authorized, but not obligated, to repurchase, through open market purchase or privately negotiated transactions, up to USD10m worth of outstanding American depositary shares representing the ordinary shares of Taomee over the next 12 months, depending on market conditions, share price and other factors, subject to relevant rules and regulations under the US securities laws.
The share repurchase plan will be funded by the company´s free cash flow as well as existing working capital. As of December 31, 2013, the company had cash and cash equivalents of approximately USD114.3m.
As of March 27, 2014, the company had 757,684,760 ordinary shares issued and outstanding.
Taomee Holdings is a leader in China´s children´s entertainment and media. For more information, visit: http://www.taomee.com/en_taomee.html.