Sandvine's Board approves plan for stock buyback program
WATERLOO, ON, Jan. 12, 2012 /CNW/ - Sandvine Corporation (TSX:SVC) (AIM:SAND) ("Sandvine") today announced that its Board of Directors has approved the adoption of an open market stock buyback program for the purchase of up to approximately 12 million common shares ("Shares") over a one-year period, expected to commence in January, through a normal course issuer bid over the Toronto Stock Exchange (the "TSX"). The program is subject to obtaining requisite regulatory approvals.
"We are confident in Sandvine's opportunity and believe that the shares repurchased will enhance shareholder value in the long-term," said Dave Caputo, Sandvine's President and CEO.
The actual number of Shares purchased, the timing of purchases and the price at which the Shares are bought will depend upon future market conditions, and upon potential alternative uses for Sandvine's cash resources. Any purchases will be made by Sandvine at the prevailing market price of the Shares at the time of purchase. As at January 11, 2012, Sandvine had 138,121,457 Shares issued and outstanding.
Sandvine's network policy control solutions focus on protecting and improving the quality of experience on the Internet. Our award-winning network policy control equipment and software helps fixed and mobile operators better understand network traffic, manage network congestion, create new services and revenues, mitigate traffic that is malicious or undesirable to subscribers, deliver QoS-prioritized multimedia services and increase subscriber satisfaction. With over 200 service provider customers in over 85 countries, serving hundreds of millions of broadband and mobile data subscribers, Sandvine is enhancing the Internet experience worldwide. For more information, please visit: www.sandvine.com.
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