WATERLOO, ON, Oct. 8, 2015 /CNW/ - Sandvine Corporation (TSX: SVC) ("Sandvine") announces that its previous normal course issuer bid (the "Previous Bid") will end on October 12, 2015 and that Sandvine has obtained approval from the Toronto Stock Exchange (the "TSX") to proceed with a new normal course issuer bid (the "Bid") whereby Sandvine may purchase for cancellation up to a total of 13.6 million common shares in the capital of Sandvine (the "Common Shares"), representing approximately 10% of the public float of Sandvine's Common Shares (as defined in the policies of the TSX).
In connection with the Bid, Sandvine has entered into an automatic share repurchase plan with Canaccord Genuity Corporation dated October 8, 2015 pursuant to which Canaccord Genuity Corporation will purchase Common Shares for cancellation. The Bid will commence on October 13, 2015 and shall terminate on October 12, 2016.
As at October 7, 2015, Sandvine had 148.6 million Common Shares issued and outstanding. Daily repurchases under the Bid will be limited to 149,150 Common Shares, other than block purchase exceptions. All acquisitions of Common Shares pursuant to the Bid will be made through the facilities of the TSX or alternative trading systems, if eligible, at the market price of the Common Shares at the time of the acquisition.
During the course of the Previous Bid, which came into effect on October 13, 2014 and terminates on October 12, 2015, Sandvine has acquired an aggregate of 3.5 million Common Shares at an average price of $2.77 per share.
There are no persons acting jointly or in concert with Sandvine in respect of the Bid.
Sandvine is making the Bid as it believes that the trading price of its Common Shares on the TSX does not accurately reflect the value of Sandvine and its Common Shares.
Purchases on behalf of Sandvine will be made by Canaccord Genuity Corporation, 3000 – 161 Bay Street, Toronto, Ontario M5J 2S1.
The actual number of Common 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 capital resources.
Sandvine's network policy control solutions add intelligence to fixed, mobile and converged communications service provider networks to enable services that can increase revenue and reduce network costs. Powered by Sandvine's Policy Engine and SandScript policy language, Sandvine's networking equipment performs end-to-end policy control functions including traffic classification, and policy decision and enforcement across the data, control and business planes. Sandvine's products provide actionable business insight, the ability to deploy new subscriber services and tools to optimize traffic while enhancing subscriber Internet quality of experience.
Sandvine's network policy control solutions are deployed in more than 250 networks in over 90 countries, serving hundreds of millions of data subscribers worldwide, www.sandvine.com.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This press release contains certain forward-looking information and forward-looking statements within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "potential", "intend", "may", "will", "should", or similar words suggesting future outcomes.
These forward-looking statements are based on numerous assumptions including but not limited to: (i) the market price of the Common Shares; (ii) the availability of Common Shares for purchase on the TSX; and (iii) available funds for the repurchase of shares. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect.
Forward-looking statements are based upon the opinions and expectations of management of Sandvine as at the effective date of such statements and, in some cases, information supplied by third parties. Although Sandvine's management believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from third parties is reliable, it can give no assurance that those expectations will prove to have been correct. Forward-looking statements are subject to certain risks and uncertainties that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. These factors include changes in market and competition, governmental or regulatory developments and general economic conditions.
The forward-looking statements contained in this document are made as at the date of this news release and Sandvine 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.
For further information: INVESTOR CONTACT: Rick Wadsworth, Sandvine, +1 519 880 2400 ext. 3503, firstname.lastname@example.org; MEDIA CONTACT: Dan Deeth, Sandvine, +1 519 880 2232, email@example.com