TORONTO, May 30, 2014 /CNW/ - Redknee Solutions Inc. (TSX:RKN). Redknee Solutions Inc. (the "Company") announced acceptance by the Toronto Stock Exchange ("TSX") of the Company's notice of intention to make a normal course issuer
bid (the "Bid") in the open market through the facilities of the TSX.
Pursuant to the TSX notice, the Company proposes to purchase, from time
to time, up to an aggregate of 9,358,502 common shares on the TSX,
which is the maximum number of shares permitted to be purchased under
the TSX rules, being 10% of the public float for the Company's common
The specific timing and number of common shares purchased pursuant to
the Bid will vary based on market conditions, regulatory requirements
and other factors. The Company will not purchase more than 118,252
common shares on the same trading day, which represents 25% of the
average daily trading volume of the common shares during the last six
months of 473,011 common shares. The price that the Company will pay
for any common shares will be the prevailing market price of such
shares on the TSX at the time of acquisition. The purchases will be
made by the Company in accordance with the TSX rules and policies. All common shares purchased by the Company pursuant to the Bid will be
The Board of Directors of the Company believes that the Bid is in the
best interests of the Company and is a desirable use of corporate
Purchases over the TSX may commence on June 3, 2014 and the Bid will
expire on the earlier of the date on which purchases under the Bid have
been completed and June 2, 2015. As of May 26, 2014, the Company had
108,891,609 issued and outstanding common shares.
GMP Securities L.P. will be appointed as the broker firm responsible for
making purchases of common shares under the Bid on behalf of the
Redknee is a leading global provider of innovative communication
software products, solutions and services. Redknee's award-winning
solutions enable service providers to monetize new services, business
models and content and to deliver a comprehensive customer experience.
Redknee's revenue and subscriber management platform provides
innovative converged billing, charging, customer care, and payments
solutions for voice, messaging and data services to over 200 service
providers in over 90 countries. Established in 1999, Redknee Solutions
Inc. (TSX: RKN) is the parent of the wholly-owned operating subsidiary
Redknee Inc. and its various subsidiaries. References to Redknee refer
to the combined operations of those entities. For more information
about Redknee and its solutions, please go to www.redknee.com.
SOURCE: Redknee Solutions Inc.
For further information:
T: (416) 815-0700 ext. 253
T: (416) 815-0700 ext. 278