AudioCodes To Repurchase Up To Addl $15 Mln Of Shares - Quick Facts

(RTTNews) - AudioCodes (AUDC), a provider of converged voice solutions that enable enterprises and service providers to transition to all-IP voice networks, announced that its Board of Directors has approved a program to repurchase up to an additional $15 million of its Ordinary Shares, NIS 0.01 nominal value.

This follows a repurchase program that was initiated last year, pursuant to which AudioCodes has repurchased approximately $7 million out of the $15 million of its Ordinary Shares targeted for repurchase, under the court approval.

The court approval for that repurchase program is scheduled to expire in late May 2015, and therefore AudioCodes will file today a motion seeking court approval for repurchases of up to an additional $15 million of its Ordinary Shares once the previous plan expires or is exhausted. As of March 20, 2015, AudioCodes had approximately 41.6 million Ordinary Shares outstanding.

The share repurchases will be funded from available working capital. AudioCodes expects that the court approval process for the additional repurchase program will take approximately three months.