VANCOUVER, Oct. 26, 2015 /CNW/ - Absolute® Software Corporation (TSX: ABT) the industry standard for persistent endpoint security and data risk management solutions, today announced the final results of its substantial issuer bid (the "Offer") to repurchase for cancellation up to C$50,000,000 of its common shares (the "Shares"), which expired at 5:00 p.m. (Eastern time) on October 20, 2015.
Based on the final count by CST Trust Company, as depositary for the Offer (the "Depositary"), Absolute has taken up and paid for 6,250,000 Shares at a purchase price of C$8.00 per Share (the "Purchase Price") for an aggregate cost of C$50,000,000, excluding fees and expenses relating to the Offer.
The Shares purchased under the Offer represent 14.0872% of the Shares issued and outstanding prior to giving effect to the Offer. After giving effect to the Offer, the number of issued and outstanding Shares will be 38,116,505.
Based on the final count by the Depositary, a total of 13,453,088 Shares were properly tendered to the Offer and not withdrawn. As the Offer was oversubscribed, successfully tendering shareholders had 94.0394% of their successfully tendered Shares purchased by Absolute, other than "odd lot" tenders, which were not subject to pro-ration.
Payment for the purchased Shares will be effected by the Depositary in accordance with the Offer and applicable law. Any Shares tendered and not purchased will be returned to shareholders promptly by the Depositary.
Absolute designates the entire amount of the deemed dividend arising from its repurchase of the Shares as an eligible dividend which is an amount equal to C$6.49 per Share. Dividends are designated to be eligible dividends pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends.
Absolute Software Corporation (TSX: ABT) is the industry standard in persistent endpoint security and data risk management solutions. Persistence® technology from Absolute provides organizations with visibility and control over all of their devices, regardless of user or location. If an Absolute client is removed from an endpoint, it will automatically reinstall so IT can secure each device and the sensitive data it contains. No other technology can do this. Persistence technology is embedded in the firmware of computers, netbooks, tablets and smartphones by global leaders, including Acer, ASUS, Dell, Fujitsu, HP, Lenovo, Microsoft, Panasonic, Samsung, and Toshiba, and the Company has reselling partnerships with these OEMs and others, including Apple. For more information about Absolute, 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 terms and timing of the Offer. 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. Furthermore, the forward-looking statements contained in this press release are made as at the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
©2015 Absolute Software Corporation. All rights reserved. Absolute and Persistence are registered trademarks of Absolute Software Corporation. For patent information, visit www.absolute.com/patents. The Toronto Stock Exchange has neither approved nor disapproved of the information contained in this news release.
SOURCE Absolute Software Corporation
For further information: Public Relations: Becky Obbema, Interprose, firstname.lastname@example.org or 1 408 778 2024; or Toru Levinson, Absolute, email@example.com or 1 604 730 9851 x208; Investor Relations: Kristen Dickson, NATIONAL Equicom, firstname.lastname@example.org or 1 416 848 1429