17.3 Million Shares Repurchased for Cancellation
TORONTO, April 7 /CNW/ - Score Media Inc. (TSX: SCR) today announced the
completion of its previously announced offer to purchase up to 18 million of
its Class A subordinate voting shares ("Class A Shares") at a price per share
of $0.40 (the "Offer"). The Offer expired at 5:00 p.m. Eastern time on April
Based on the final report provided by the depository for the Offer,
shareholders tendered 17,301,169 Class A Shares, which were purchased for
cancellation by the Company at a cost of $6.9 million, exclusive of legal and
The tendered shares represent 17.6% of the Class A Shares outstanding as
of April 7, 2009. Because less than 18 million shares were tendered to the
Offer, no pro rata allocations were required. As part of the offer, CW Media
Inc. tendered 16,560,902 Class A Shares pursuant to a previously announced
"Lock-Up Agreement" with the Company.
There are now 81.1 million Class A Shares outstanding.
"The completion of the offer is just another step in our continued
commitment to build shareholder value," says John Levy, Chairman and Chief
Executive Officer, Score Media Inc. "Our strong balance sheet gives us the
flexibility to invest and compete well in a challenging environment."
As described in the Offer to Purchase and Issuer Bid Circular describing
the Offer that was mailed to Score Media Inc.'s shareholders, Score Media Inc.
is hereby declaring a deemed dividend of $0.15, which is the portion of the
Offer Price that is in excess of the Paid Up Capital for Income Tax purposes.
This notice meets the requirements of the Income Tax Act (Canada). Please
contact your tax advisor if you have any questions with regard to the
designation of the deemed dividends.
ABOUT SCORE MEDIA INC.
Score Media is a media company committed to delivering interactive and
authentic sports entertainment. Created in 1997 in response to the growing
desire for increased participation in the consumption of sports, the Company
has now established itself as the home for hardcore sports fans. Score Media's
primary asset, The Score Television Network ("The Score"), is a national
specialty television service providing sports news, information, highlights
and live event programming in more than 6.5 million homes across Canada. Score
Media also operates Hardcore Sports Radio, a satellite radio network available
across North America on SIRIUS Satellite Radio, and other interactive assets
including theScore.com and Score Mobile. Growing from a team of 60 in 1997 to
over 220 employees in 2009, Score Media is a revolutionizing interactive media
Forward-looking (safe harbour) statement
Statements made in this news release that relate to future plans, events
or performances are forward-looking statements. Any statement containing words
such as "believes", "plans", "expects" or "intends" and other statements which
are not historical facts contained in this release are forward-looking, and
these statements involve risks and uncertainties and are based on current
expectations. Consequently, actual results could differ materially from the
expectations expressed in these forward-looking statements.
For further information:
For further information: Tom Hearne, Chief Financial Officer, Score
Media Inc., (416) 977-6787 x2206, email@example.com