Dallas, Texas 12/09/2013 (Financialstrend) – Recently one of the revolutionary rich communication social platforms that are YY Inc (ADR) (NASDAQ:YY) announced that they have decided to withdraw their convertible notes offer. The offer was believed to be around $250 million worth but now it has been withdrawn.
Launched in July 2008 the YY Inc (ADR) (NASDAQ:YY) engages users in real time online group activities through different mediums such as voice, text and video. In fact their core product is called as YY client is empowering different users to create and organize groups to participate in different types of online activities. All such activities include online games, music concerts, karaoke, education, live shows and even conference calls.
What exactly was the Convertible offer?
Initially an open offer was made by YY Inc to issue Convertible notes that can be redeemed in 2018. Soon after the announcement its shares witnessed fall in the overall value. The company plans to use $50 million collected from the buyback of shares for general corporate purposes, including working capital needs and potential acquisitions of complementary businesses for driving future growth.
Now YY Inc (ADR) (NASDAQ:YY) has changed their strategy and is trying to acquire more number of paid users and believe that by monetizing their user base they will be able to have inclusive growth from within and it will prove to be quite beneficial for the company in the longer run. In fact the safe harbor statement issued by them looked like an announcement that is full of forward looking statements. All the statements made under the safe harbor provisions comply with the U.S. Private Securities Litigation Reform Act of 1995 and these can be explained much better with some terminologies such as will, plans, believes, expects, anticipates and many more such positive terminologies. Hence we can expect the company to come up with more such organized and strategies in the future.