Summary
Flextronics International Ltd. (FLEX) announced on December 22, 2011, that its Board of Directors has authorized an additional share repurchase plan. This new authorization follows a previously announced plan from July 21, 2011, under which approximately $182 million of ordinary shares had already been repurchased. The aggregate limit for share repurchases under both plans is set at 10% of the company's outstanding ordinary shares as of the July 2011 Extraordinary General Meeting. The latest authorization allows for the repurchase of the remaining balance of shares within this 10% limit, with approximately 43 million ordinary shares still available for repurchase as of the filing date. This demonstrates a continued commitment by the company to return capital to shareholders and potentially enhance shareholder value through share buybacks. Investors should note that these repurchases are not guaranteed and the program can be suspended or terminated at any time.
Key Highlights
- 1Flextronics International Ltd. authorized an additional share repurchase plan on December 22, 2011.
- 2This new authorization supplements a previous plan announced on July 21, 2011.
- 3As of December 22, 2011, approximately $182 million had been repurchased under the prior plan.
- 4Share repurchases are subject to an aggregate limit of 10% of outstanding ordinary shares from July 2011.
- 5Approximately 43 million ordinary shares remain available for repurchase under both authorized plans.
- 6The share repurchase program is discretionary and can be suspended or terminated without prior notice.