HONG KONG, Aug. 27, 2012 (GLOBE NEWSWIRE) -- Le Gaga Holdings Limited ("Le Gaga" or the "Company") (Nasdaq:GAGA), a leading greenhouse vegetable producer in China, today announces that its Board of Directors has authorized a program to repurchase Le Gaga American Depositary Shares, each representing 50 ordinary shares. The Board approved the repurchase of up to US$10 million of Le Gaga ADSs over a period of eight months or such other date, which ever is earlier, when the repurchase program is revoked or varied by the Board of Directors.
The size, scope and timing of any purchases under the repurchase program will be based on business, market and other conditions and factors, including price, regulatory and contractual requirements or consents, and capital availability. The share repurchase program is intended to be implemented through purchases made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions, or by any combination of such methods, in compliance with applicable insider trading and other securities laws and regulations. This plan does not obligate Le Gaga to acquire any particular number of ADSs. The plan may be suspended, modified or discontinued at any time at Le Gaga's discretion without prior notice.
Mr. Shing Yung Ma, Le Gaga's Chairman and CEO, commented, "The authorization of a new share repurchase program demonstrates our confidence in the long-term prospects of our company and our ability to execute our greenhouse vegetable production strategy, as well as our dedication to return value to shareholders. We believe that this plan represents a prudent use of capital and will not affect the execution of our expansion plans."About Le Gaga Holdings Limited (Nasdaq:GAGA) Le Gaga is a leading greenhouse vegetable producer in China. The Company sells and markets greenhouse vegetables such as peppers, tomatoes, cucumbers and eggplants, as well as green leafy vegetables to wholesalers, institutional customers and supermarkets in China and Hong Kong. The Company has successfully built a trusted brand among its customers.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV