On April 17, 2013, in connection with the delay in filing the Company's Annual Report on Form 10-K for the year ended December 31, 2012, the Company decided to temporarily suspend the stock repurchase program until after it filed its Form 10-K for fiscal year 2012. Since the Company is now current with its periodic reporting requirements, management has decided to resume the stock repurchase program, effective immediately.
The Company's common stock may be purchased from time to time in the open market or in privately negotiated transactions. The timing and amount of any shares repurchased will be determined by the Company's management based on its evaluation of market conditions and other factors.
Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with its stock plans and for other corporate purposes.
Keyuan is funding the share repurchases from cash on hand. As of June 30, 2013, the Company had approximately $299 million of cash and pledged bank deposits in financial institutions. As of September 30, 2013, the Company has approximately 57.65 million shares of common stock outstanding and 5.33 million shares of Series B Preferred Stock outstanding.
About Keyuan Petrochemicals, Inc.
Keyuan Petrochemicals, Inc., established in 2007, through its PRC operating subsidiaries, Ningbo Keyuan Plastics Co., Ltd., Ningbo Keyuan Petrochemicals Co., Ltd., Keyuan Synthetic Rubbers Co., Ltd. and Guangxi Keyuan Co., Ltd., is engaged in the manufacture and sale of various petrochemical products in the PRC.
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