ChinaCache International Holdings (CCIH) wants to spend money on its own shares after all. The company announced that its board has authorized a resumption of its stalled $10 million American Depositary Shares buyback program. It has plenty left in the tank. When halted, ChinaCache had spent only $1.5 million on such purposes.
The program will be in force for one year. The repurchases are to be effected through various means, including open market transactions, block trades, and off-market, privately negotiated purchases. This activity will be funded by ChinaCache's available cash on hand. As of the end of this past March, the firm's cash and equivalents totaled roughly $38.7 million.
Currently, ChinaCache has slightly more than 22.6 million shares outstanding. Its stock trades at $3.90 per share.
