Avago Technologies Ltd of San Jose, CA, USA and Singapore (a designer and supplier of III-V-based analog interface components for communications, industrial and consumer applications) says that its board of directors has approved a share repurchase program for 2013 authorizing the firm to repurchase up to 20 million of its ordinary shares. This replaces the 2012 share repurchase program for up to 15 million shares announced on in April 2012, which expired immediately prior to the firm’s 2013 annual general meeting (AGM) of shareholders on 10 April 2013.
The 2013 share repurchase program was adopted pursuant to the share purchase mandate (approved by shareholders at the AGM) authorizing the repurchase of up to 10% of the firm’s outstanding ordinary shares up to the date of the 2014 AGM.
The 2013 share repurchase program does not obligate Avago to repurchase any specific number of shares and may be suspended or terminated at any time without prior notice. Share repurchases, if any, will be made in the open market at such times and in such amounts as the firm deems appropriate. Avago intends to effect any such share repurchases in compliance with US Securities and Exchange Commission (SEC) Rule 10b-18 or pursuant to a trading plan adopted pursuant to Rule 10b5-1. The timing and actual number of shares repurchased will depend on a variety of factors including price, market conditions and applicable legal requirements.
