LONDON – Believing that its shares on the trading floor were being undervalued given a positive performance this first half of 2008, AsianLogic, the Asia-Pacific gaming company listed on London’s AIM, announced a repurchase plan of its ordinary shares extending the earlier deadline of July 15 to July 22.
The repurchase plan allows AsianLogic to make market purchases of up to 8,271,094 of its ordinary shares which represents 7.5 percent of outstanding ordinary shares.
In its latest RNS announcement posted on its official site, the Company’s Directors believe that “recent trading prices of the Company’s ordinary shares do not reflect their underlying value, given the Company’s earnings and strong balance sheet.”
Recently, AsianLogic announced strong Q2 results of its casino and poker operations along with further strategic developments. But these have not reflected in an uptrend in the trading of the Company’s shares.
The new repurchase plan will allow shares to be purchased at the best price, up to a maximum of £1 share.
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