Wi-LAN WILN today announced that its
Board of Directors has approved the adoption of a normal course
issuer bid ("NCIB") to purchase for cancellation up to 11,676,510
issued and outstanding common shares ("Shares") representing
approximately 10% of the 116,765,100 Shares in the public float as of
May 25, 2014 through the facilities of the Toronto Stock Exchange
("TSX") and other Canadian trading platforms.
The NCIB is subject to obtaining requisite regulatory approvals
including filing notice with the TSX. The NCIB is expected to
commence on May 29, 2014 after WiLAN receives regulatory approval and
will expire on May 28, 2015.
As of May 25, 2014 the total number of issued and outstanding Shares
was 119,974,315. The average daily trading volume for the six months
ending on May 25, 2014 was 462,572 Shares. Daily purchases will be
limited to 115,643 Shares, other than block purchase exceptions.
During any of the Company's blackout periods, purchases under the
NCIB may continue under an automatic securities purchase plan between
WiLAN and its broker which will be put in place during the NCIB.
WiLAN and its Board of Directors believe that this NCIB is in the
best interests of its shareholders and the repurchases made under
this NCIB will be made, in part, to offset the dilutive effect of
Shares expected to be issued upon the exercise of stock options under
the Company's stock option plan.
The actual number of Shares purchased, the timing of purchases and
the price at which the Shares are bought will depend on future market
conditions and on potential alternative uses for WiLAN's cash
resources. Any purchases will be subject to trading restrictions and
will be made by WiLAN at the prevailing market price of the Shares at
the time of purchase.
For the past twelve months, WiLAN has repurchased an aggregate of
1,461,800 Shares at a weighted average price of $3.7660 per Share.
About WiLAN
WiLAN, founded in 1992, is a leading technology innovation and
licensing company. WiLAN has licensed its intellectual property to
over 280 companies worldwide. Inventions in our portfolio have been
licensed by companies that manufacture or sell a wide range of
communication and consumer electronics products including 3G and 4G
handsets, Wi-Fi-enabled laptops, Wi-Fi and broadband routers, xDSL
infrastructure equipment, cellular base stations and digital TV
receivers. For more information: www.wilan.com.
Forward-looking Information
This news release contains forward-looking statements and
forward-looking information within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995 and other United States and
Canadian securities laws. The phrases "is subject to obtaining
requisite regulatory approvals", "is expected to commence", "will
expire", "may continue", "which will be put in place", "will be
made", "expected to be issued", "believe", "will depend on future
market conditions", "potential alternative uses of WiLAN's cash
resources", "will be subject to trading restrictions", "will be made
by WiLAN at the prevailing market price of the Shares at the time of
purchase", and similar terms and phrases are intended to identify
these forward-looking statements. Forward-looking statements and
forward-looking information are based on estimates and assumptions
made by WiLAN in light of its experience and its perception of
historical trends, current conditions, expected future developments
and the expected effects of new business strategies, as well as other
factors that WiLAN believes are appropriate in the circumstances.
Many factors could cause WiLAN's actual performance or achievements
to differ materially from those expressed or implied by the
forward-looking statements or forward-looking information. Such
factors include, without limitation, the risks described in WiLAN's
February 3, 2014 annual information form for the year ended December
31, 2013 (the "AIF"). Copies of the AIF may be obtained at
www.sedar.com or www.sec.gov. WiLAN recommends that readers review
and consider all of these risk factors and notes that readers should
not place undue reliance on any of WiLAN's forward-looking
statements. WiLAN has no intention and undertakes no obligation to
update or revise any forward-looking statements or forward-looking
information, whether as a result of new information, future events or
otherwise, except as required by law.
All trademarks and brands mentioned in this release are the property
of their respective owners.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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