BEIJING, June 21, 2012 /PRNewswire-Asia/ -- Xinyuan Real Estate Co., Ltd. ("Xinyuan" or "the Company") (NYSE: XIN), a residential real estate developer with a focus on high growth, strategic Tier II cities in China, today announced that it had completed its US$10 million share repurchase program originally announced on May 26, 2011. Through June 18, 2012, the Company had repurchased 4.5 million American Depositary Shares ("ADS") at a total cost of US$10 million.
In addition, the Board of Directors has approved an additional US$20 million share repurchase program effective immediately. This will be funded from available working capital.
Not only does the company NOT say 'up to 20M', but they set a precedent by stating they previously announced a repurchase of 10M, and they bought 10M. So when you say in the same release you have
approved a 20M repurchase, then you are implying you will purchase 20M. We know this is just more double
talk out of Xin, not only because the only way they are repurchasing ,as YOU state yourself, is by taking out a
loan, not from 'available working capital', but because Gurnee used the excuse last cc that their purchase price( haha, but we won't tell you what price that is, haha), was lower than the lowest price in that quarter, which BTW was a low of $2.60's.
It is always clear that, with regards to buybacks, some, all, or none may be repurchased. Only a half wit like you could think otherwise.
*****Xinyuan also announced that its Board of Directors has approved a share
repurchase program under which the Company may spend up to US$10 million to
repurchase common shares, either in the form of common shares or American
Depositary Shares in the open market or in privately negotiated transactions
over the next 12 months at the discretion of management.
The shares will be purchased from time to time at such prices, and in such
manner as are authorized by management depending upon market conditions. Under
the program, the purchases will be funded from available working capital.
There is no guarantee as to the exact number of shares that Xinyuan may
repurchase and Xinyuan may discontinue purchases at any time that management
determines additional purchases are not warranted. ****
Na Stinky, just that half wits, like you redefine what you think it means to BS a message board.
Even the Chinese know to put 'up to' in their PR release for clarity. Take this little Chinese company
on April 18, 2013, with their release.
' Gulf Resources announced that the company's board has approved a new share repurchase program under which the Company is authorized, but not obligated, to purchase up to $2M of its issued and outstanding shares of common stock from time to time over the next 12 months.'
That's how you write it when you are not trying to double talk, like you and Gurnee.