Absolute Announces Approval of Normal Course Issuer Bid
Up to 2,783,958 common shares to be purchased
VANCOUVER, Jan. 23, 2013 /CNW/ - Absolute® Software Corporation (the "Company") announced today that it is proceeding with a normal course issuer bid for up to 2,783,958 common shares of the Company (the "Bid"), representing approximately 10% of the public float of the Company. On January 4, 2013, the Company had 41,225,256 common shares outstanding. The Company has received approval from the TSX to commence this bid on January 25, 2013. Purchases will be made on the TSX and other Canadian marketplaces at the market price at the time of acquisition.
The Company's previous normal course issuer bid expired on December 22, 2012, and under such bid the Company purchased and cancelled 3,044,700 of its common shares at a weighted average price of $4.71 per common share. The Company has purchased an aggregate of 11,108,420 shares at an average cost of $3.90 over four years pursuant to its normal course issuer bids. The Company's new normal course issuer bid will terminate on January 24, 2014 or earlier if the number of shares sought in the Bid have been obtained. The Company reserves the right to terminate the bid earlier if it feels it is appropriate to do so.
The Company is commencing this normal course issuer bid because it believes that, from time to time, the market prices of its Common Shares may not fully reflect the underlying value of the Company's business and its future business prospects. The Company believes that at such times the purchase of Common Shares would be in the best interests of the Company. Such purchases are expected to benefit all remaining shareholders by increasing their equity interest in the Company.
All shares will be purchased on the open market through the facilities of the TSX and other Canadian marketplaces, and payment for the shares will be in accordance with TSX policies. The price paid for the shares will be the market price at the time of purchase. Purchasing may be suspended at any time. No purchases will be made other than by means of open market transactions during the term of the normal course issuer bid. The maximum number of shares that may be purchased on a daily basis is 25,758 shares representing 25% of the average daily trading volume, except where purchases are made in accordance with "block purchases" exemptions under applicable TSX policies. The shares purchased by the Company will be cancelled.
The Company has engaged Cantor Fitzgerald to act as broker and to administer the Bid under an automatic share purchase plan on a blinded basis. In the event the automatic share purchase plan is suspended during the term of the Bid and any director, senior officer or other insider of the Company intends to sell any common shares during such period, the Company will suspend purchases under the Bid until such person's sales are completed. However, sales by such persons through the facilities of the TSX may occur if the personal circumstances of any such person change or any such person makes a decision unrelated to these normal course purchases. The benefits to any such person whose shares are purchased would be the same as the benefits available to all other holders whose shares are purchased. To the knowledge of the Company, no director, senior officer or other insider of the Company currently intends to sell any common shares under the Bid.
About Absolute Software
Absolute Software Corporation (TSX: ABT) is the industry standard in persistent endpoint security and management for computers, laptops and ultra-portable devices. The Company, a leader in device security and management tracking for more than 18 years, has over 30,000 commercial customers worldwide. Positioned as a Visionary vendor in Gartner, Inc.'s Magic Quadrant for Client Management Tools, Absolute's solutions - Computrace®, Absolute Manage, Absolute Secure Drive, and Computrace LoJack® for Laptops - provide organizations with actionable intelligence to prove compliance, securely manage BYOD, and deliver comprehensive visibility and control over all of their devices and data. The Company's Computrace persistence technology is embedded in the firmware of computers, netbooks, and tablets by global leaders, including Acer, ASUS, Dell, Fujitsu, HP, Lenovo, Motion, Panasonic, Samsung, and Toshiba, and the Company has reselling partnerships with these OEMs and others, including Apple. For more information about Absolute Software, visit www.absolute.com.
This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, the expected performance, functionality and availability of our services and products, and other expectations, intentions and plans contained in this press release that are not historical fact. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and general market conditions. In light of the many risks and uncertainties you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized.
©2013 Absolute Software Corporation. All rights reserved. Computrace and Absolute are registered trademarks of Absolute Software Corporation. LoJack is a registered trademark of LoJack Corporation, used under license by Absolute Software Corporation. LoJack Corporation is not responsible for any content herein. U.S. patents No. 5,715,174, No. 5,764,892, No. 5,802,280, No. 5,896,497, No. 6,087,937, No. 6,244,758, No. 6,269,392, No. 6,300,863, No. 6,507,914, No. 7,818,557, No. 7,818,803, No. 7,945,709, No. 8,062,380, No. 8,234,359, No. 8,241,369, No. 8,307,055 and No. 8,332,953. Canadian patents No. 2,211,735, No. 2,284,806, and No. 2,205,370. U.K. patents No. EP0793823, No. GB2298302, and No. GB2338101. German patent No. 69512534. Australian patent No. 699045. Japanese patent No. JP4067035. The Toronto Stock Exchange has neither approved nor disapproved of the information contained in this news release.
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