Ace Software announces Buy Back Offer at Rs.20

Vivro Financial Services Pvt Ltd ("Manager to the BuyBack Offer") on behalf of ACE Software Exports Ltd ("Target Company") has made a Public Announcement pursuant to the provisions of Regulations 8(1) read with Regulation 15(c) and in compliance with the Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998 (Regulations) as amended and contains the disclosures as specified in Schedule-II to these Regulations:

The Buyback:

The Target Company hereby announces the buyback ("the Buyback") of maximum of 4,42,346 Equity Shares of the face value of Rs 10 each ("Shares") representing 8.64% of the existing fully paid up Equity Shares capital of the Company as on March 31, 2007 at a price not exceeding Rs 20 per share ("Maximum Buy Back Price") payable in cash , for an aggregate amount not exceeding Rs 88.47 Lakhs ("the Buyback Size") from the existing owners of Equity Shares of the Company from the open market through stock exchange using the electronic trading facilities of Bombay Stock Exchange Ltd ("BSE") in accordance with the provision of Sections 77A, 77AA, 77B and all other applicable provisions, if any of the Companies Act, 1956 ("the Act") and the Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998 as amended ("the Buyback Regulations") and the relevant provision in the Articles of Association of the Company. The Buyback Size represents 8.64% of the aggregate of the Company's paid-up Equity Share Capital as on March 31, 2007.

Time Table for Buy Back:

Date of Public Announcement: April 21, 2007.
Date of Opening of Buyback: April 30, 2007
Acceptance of Shares: Within 15 days of the relevant pay out dates of the Stock Exchanges

Extinguishment of Bought-back shares: Within 15 days of Acceptance as above and within seven days of the last date of completion of Buyback.

Last Date for the Buyback: Upon buyback of 4,42,346 Equity Shares or (September 28, 2007) whichever is earlier.

Source : Equity Bulls

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