Linktone's (LTON) Board of Directors have approved the beginning of the company's previously announced stock repurchase program, which was also approved by its shareholders at its annual general meeting of shareholders held on September 7, 2005.
The program authorizes the Company to repurchase up to $15 million worth of its American Depositary Shares (ADSs) through open market transactions.
The timing and the amount of any repurchases will be determined by Linktone based on its evaluation of market conditions and other factors.
The stock repurchase program will be funded using the company's available working capital.
As of August 31, 2005, the Company had 258,136,390 ordinary shares issued and outstanding. Each ADS represents ten ordinary shares of the Company.