AsianLogic Limited, a diversified Asia-Pacific online and land-based gaming company, announces today the adoption of a share repurchase plan. This plan authorises the Company to make market purchases of up to 8,271,094 of its ordinary shares, being 7.5 per cent. of the current outstanding ordinary shares, during the three month period commencing on 16 April 2008 and ending on 15 July 2008.
The share repurchase plan does not require AsianLogic to repurchase shares. Any purchases will be made in the normal course in the open market and all ordinary shares purchased will be 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, and in any event by no later than 7.30am on the business day following purchase.
This plan was adopted as 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, AsianLogic intends to repurchase its ordinary shares over the next three months, from time to time, subject to availability and market conditions, with a view to enhancing AsianLogic's net asset value per share and earnings per share.
NOTES TO EDITORS
AsianLogic is a leading online and land-based gaming company focusing on the Asia-Pacific markets. The Company owns and operates eight online casino brands and two 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 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, ID Games and LVS. Founded as ESL in 2002, AsianLogic employs over 300 employees, the majority of whom are based in the Philippines.
