Courtesy of Benzinga.
Taomee Holdings Limited (NYSE: TAOM) today announced that its Board of Directors approved a share repurchase plan on November 22, 2011, effective upon the approval. Under the plan, Taomee is authorized, but not obligated, to repurchase, through open market purchase or privately negotiated transactions, up to US$10 million worth of outstanding American Depositary Shares representing the ordinary shares of Taomee over the next 12 months, depending on market conditions, share price and other factors, subject to relevant rules and regulations under the U.S. securities laws.
The share repurchase plan will be funded by the Company’s free cash flow as well as existing working capital. As of September 30, 2011, the Company had cash and cash equivalents of approximately US$120.9 million.
As of November 28, the Company had 733,754,480 ordinary shares issued and outstanding.
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