Vecima Files Notice of Intention for Normal Course Issuer Bid
VICTORIA, BC – (October 25, 2016) – Vecima Networks Inc. (“Vecima” or the “Corporation”) (TSX:VCM), an experienced designer and manufacturer of innovative technology in the broadband equipment market, announced today that it has filed a notice of intention with the Toronto Stock Exchange (the “TSX”) to acquire for cancellation, by way of normal course issuer bid (the “Bid”), up to 600,000 Common Shares of the Corporation (the “Shares”), which, at the date hereof, represents approximately 2.7% of the issued and outstanding Shares and approximately 9.7% of the total public float of the Corporation. This Bid was approved by the TSX. The Board of Directors of Vecima believe the underlying value of the Corporation’s common shares may not be reflected in the current or future market price of its common shares and has therefore decided to undertake the Bid.
As of October 24, 2016, the Corporation had 22,405,738 issued and outstanding common shares. Vecima’s average daily trading volume for the 6-month period ending September 30, 2016, excluding common shares repurchased by the Corporation, was 12,563. Daily purchases will be limited to 3,140 common shares other than block purchases. Vecima anticipates the Bid will commence on October 28, 2016 and terminate on October 27, 2017. An automatic purchase plan has been put into place at the commencement of the Bid. The Corporation has repurchased none of its outstanding common shares in the last 12 month period.
Purchases pursuant to the Bid will be effected solely through the facilities of the TSX and other Canadian trading platforms, purchases and payment for the Shares will be made by the Corporation in accordance with TSX requirements and the price which Vecima will pay for any Shares acquired under the Bid will be the market price for the common shares at the time of acquisition.
About Vecima Networks
Vecima Networks Inc. (TSX:VCM) is a globally recognized leader in creating breakthrough technology solutions that empower network service providers to connect people and enterprises to information and entertainment worldwide. Vecima products for the cable industry allow service providers a cost-effective Last Mile Solution® for both video and broadband access, especially in the demanding business services market segment. Vecima also provides fleet managers the key information and analytics they require to optimally manage their business under the Contigo, Nero Global Tracking, and FleetLynx brands. More information is available at our website at www.vecima.com.