Sohu.com (SOHU) is continuing its bid to repurchase stock. Yesterday it reported it has repurchased 360,500 shares of common stock between November 1 and November 30, 2004.
It purchased those shares at an average price per share of US$ 16.99, for total consideration of US$6,125,000 including a brokerage commission of US$0.03 per share. This follows the approval of the Board of Directors announced on October 28, 2004 for Sohu to buy back from time to time up to US$20 million worth of outstanding shares of its common stock.
As a result of the stock buy-back Sohu had, as of November 30, 2004, approximately 36.5 million shares of common stock outstanding, and there remained up to US$13,875,000 available for repurchases from time to time by Sohu.
Sohu warns that investors should be aware that the buy-back program could be discontinued at any time, and that the company generally does not intend to make any purchases during periods when its officers, directors, and key employees are prohibited from trading pursuant to company policy.
"We decided that our continuing buy-back program, following the repurchase of 1 million shares in May 2004, is an attractive investment for the company and sends a positive message to our shareholders," said Charles Zhang, Chairman and CEO of Sohu.