ChipMOS Finalizes Repurchase of 12.2% Ownership From ThaiLin
HSINCHU, Jan. 16, 2014 /PRNewswire-FirstCall/ -- ChipMOS TECHNOLOGIES (Bermuda) LTD. ("ChipMOS" or the "Company") (Nasdaq: IMOS), an industry leading provider of outsourced semiconductor assembly and test services, today announced that it has closed the second tranche of its previously announced share repurchase from its subsidiary, ThaiLin Semiconductor Corporation ("ThaiLin"). Pursuant to pricing agreement, 2,093,705 shares were repurchased at the price of US$17.79 per share by ChipMOS, with the shares cancelled immediately after the repurchase. This follows the November 26, 2013 repurchase of 2,000,000 shares by ChipMOS from ThaiLin at the price of US$15.60 per share. In total, ChipMOS has now repurchased the full 12.2% ownership position in ChipMOS from ThaiLin.
The purchase price of the shares at each of the Closings was determined by the arithmetic mean of the closing prices of the Company's Common Stock traded on the NASDAQ over the twenty (20) consecutive trading days prior to the preceding fifth day of each of the First Closing Date and the Second Closing Date multiplied by zero point nine three (0.93), reflecting a seven percent (7%) discount. Each of the Closings was subject to the purchase price of the shares falling within a range of US$13.00 per share to US$19.92 per share.
The Company's outstanding share count is expected to remain approximately 30 million because the 4.1 million shares repurchased from ThaiLin were previously treated as treasury shares and not included in the Company's share count.
About ChipMOS TECHNOLOGIES (Bermuda) LTD.:
ChipMOS TECHNOLOGIES (Bermuda) LTD. ("ChipMOS" or the "Company") (NASDAQ: IMOS) (http://www.chipmos.com) is an industry leading provider of semiconductor testing and assembly services. With advanced facilities in Hsinchu and Southern Taiwan Science Parks in Taiwan and Shanghai, ChipMOS and its subsidiaries provide testing and assembly services to a broad range of customers, including leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries. The Company's majority-owned subsidiary, ChipMOS TECHNOLOGIES INC. ("ChipMOS Taiwan"), is listed on the Gre Tai Securities Market under Stock Ticker 8150.
Certain statements contained in this announcement may be viewed as "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. Further information regarding these risks, uncertainties and other factors is included in the Company's most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") and in the Company's other filings with the SEC.
SOURCE ChipMOS TECHNOLOGIES (Bermuda) LTD.