NASHUA, N.H., March 29 /PRNewswire-FirstCall/ -- SkillSoft PLC (Nasdaq: SKIL), a leading provider of content resources and complementary technologies for integrated enterprise learning, today announced that its shareholders have authorized the repurchase from time-to-time by the Company and/or its subsidiaries of up to 3.5 million ordinary shares (represented by American Depositary Shares). Under Irish law, the share repurchase authorization expires on September 22, 2007.
Although shareholders have approved the program, the purchase of shares, if any, is, under Irish law, subject to the availability of distributable profits in the Company or its subsidiary companies. Further, the timing and amount of any shares repurchased will be determined by the Company based on its evaluation of market conditions and other factors, and may be commenced or suspended at any time or from time to time without prior notice.
"Under Irish law, the Company is required to obtain the approval of its shareholders to buy back its own shares. The Board, believing it to be in the best interests of the shareholders and the Company, agreed that the Company should request this approval to provide the Company with the flexibility to buy back shares if it determines that the benefits associated with such a program can be realized," said Chuck Moran, President and CEO of SkillSoft.
As of January 31, 2006, SkillSoft had approximately 107.3 million ordinary shares outstanding.
SkillSoft is a leading provider of comprehensive e-learning content and technology products for business and IT professionals within global enterprises. SkillSoft's multi-modal learning solutions support and enhance the speed and effectiveness of both formal and informal learning processes and integrate SkillSoft's in-depth content resources, learning management system, virtual classroom technology and support services.
Content offerings include SkillSoft's business, IT, desktop and compliance courseware collections and BusinessPro(TM), ITPro(TM), OfficeEssentials(TM), FinancePro(TM), EngineeringPro(TM), GovEssentials(TM), ExecSummaries(TM) and ExecBlueprints(TM) collections from Books24x7(R). SkillSoft's complementary technologies include SkillPort(R), the Company's learning management system with its powerful Search-and-Learn(TM) technology and premium add-on modules, and SkillSoft(R) Dialogue(TM) virtual classroom, a tool that allows customers to create and deliver effective blended learning programs using custom content and off-the-shelf learning resources. For more information, visit http://www.skillsoft.com.
SkillSoft, the SkillSoft logo, Ahead of the Learning Curve, SkillPort, Search-and-Learn, SkillChoice, Books24x7, Referenceware, ITPro, BusinessPro, OfficeEssentials, GovEssentials, EngineeringPro, FinancePro, ExecSummaries, ExecBlueprints, Express Guide and Dialogue are trademarks or registered trademarks of SkillSoft PLC in the United States and certain other countries. All other trademarks are the property of their respective owners.
Statements in this press release regarding the Company's intention to repurchase shares from time to time under the share repurchase program are forward-looking statements. There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements. These include, among others, the market price of the Company's shares prevailing from time to time, the nature of other investment opportunities presented to the Company from time to time, the Company's cash flows from operations, general economic conditions, the availability of distributable profits and other factors identified in the Company's most recent Quarterly Report on Form 10-Q filed with the SEC.