AsianLogic Limited, a diversified Asia-Pacific online and land-based gaming company, announces today an extension of its recently adopted share repurchase plan. This plan originally authorised the Company to make market purchases of up to 8,271,094 of its ordinary shares, being 7.5 percent of the then outstanding ordinary shares, during the three month period commencing on 16 April 2008 and ending on 15 July 2008. Today, a resolution of the board of directors of the Company was passed that the period would be extended by one further week, now ending on 22 July 2008. The maximum number of shares that the Company is authorized to purchase remains the same at 8,271,094.
Purchases shall be made at the best price, as determined by the board of directors of the Company from time to time, for the ordinary shares, up to a maximum price of £1 per share.
Any purchases will be made in the normal course in the open market and all ordinary shares purchased will not be cancelled, but will be held in treasury. Any purchases will be announced to the market as soon as possible after they have occurred.
AsianLogic and its directors believe that the recent trading prices of the Company's ordinary shares do not reflect their underlying value, given the Company's earnings and strong balance sheet. Accordingly, the board of directors of the Company has approved the share repurchase plan and its extension, with a view to enhancing AsianLogic's net asset value per share and earnings per share.
NOTES TO EDITORS
AsianLogic
AsianLogic is a leading online and land-based gaming company focusing on the Asia-Pacific markets. The Company operates eight online casino brands and four online poker rooms as well as land-based sportsbook operations through its MegaSportsWorld brand. It is a specialist in Asia-specific games such as Mahjong, Cho-Da-Di, Do-Di-Zhu and 13 Card Poker. The company owns and operates The Asian Poker Tour.
The Company also maintains a corporate advisory team specialising in the gaming sector which is an active investor in gaming-related businesses as well as providing consultancy and analytical services. AsianLogic enjoys strong commercial relationships with leading gaming providers including Playtech and LVS. Founded as ESL in 2002, AsianLogic employs over 300 employees, the majority of whom are based in the Philippines.
