Vecima Files Notice of Intention for Normal Course Issuer Bid
VICTORIA – (November 28, 2017) – 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 9.5% of the total public float of the Corporation. This Bid was approved by the TSX. The directors of Vecima believes 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 November 27, 2017, the Corporation had 22,475,294 issued and outstanding common shares. Vecima’s average daily trading volume for the 6-month period ending October 31, 2017, excluding common shares repurchased by the Corporation, was 8,358. Daily purchases will be limited to 2,089 common shares other than block purchases. Vecima anticipates the Bid will commence on November 30, 2017 and terminate on November 29, 2018. An automatic purchase plan has been put into place and will be effected at the commencement of the Bid. During its last normal course issuer bid which ended October 27, 2017 the Corporation was approved to purchase up to 600,000 of its common shares but purchased 35,300 of its common shares at an average price of $8.43; all of these shares were purchased solely through the facilities of the TSX.
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. For more information, please visit our website at www.vecima.com.