TORONTO, Feb. 1, 2016 /CNW/ - Sirius XM Canada Holdings Inc. ("SiriusXM Canada" or the "Company") (TSX: XSR), parent of Sirius XM Canada Inc., announced today that the Toronto Stock Exchange (the "TSX") has accepted its notice of intention to implement a normal course issuer bid ("NCIB") for its publically traded Class A Subordinate Voting Shares (the "Class A Shares") as appropriate opportunities arise from time to time. The Company will execute its NCIB in accordance with the policies of the TSX.
The Company may purchase its Class A Shares during the period from February 3, 2016 to February 2, 2017, subject to the Company's blackout periods, through the facilities of the TSX. In the future, the Company may rely on an automatic purchase plan during the NCIB. The automatic purchase plan would allow for purchases by the Company of Class A Shares during certain pre-determined blackout periods, subject to certain parameters and approval of the TSX. Although SiriusXM Canada intends to purchase its Class A Shares under its NCIB, there can be no assurances that any such purchases will be completed. Any Class A Shares purchased by SiriusXM Canada pursuant to the NCIB will be cancelled.
Pursuant to the notice and subject to the market price of its Class A Shares and other considerations, SiriusXM Canada may acquire, over the next 12 months, up to 5,236,558 Class A Shares, representing approximately 5% of its issued and outstanding Class A Shares as at January 29, 2016. Daily purchases will be limited to approximately 24,460 Class A Shares representing 25% of the average daily trading volume during the previous six calendar months of 97,840, other than pursuant to the block purchase exemption. There are 104,731,168 Class A Shares outstanding as at January 29, 2016. Within the past 12 months, SiriusXM Canada has not purchased any of its Class A Shares.
A copy of the Company's notice of the NCIB filed with the TSX may be obtained, by any shareholder without charge, by contacting the Company as set out below.
Certain statements included above are forward-looking in nature. Such statements can be identified by the use of forward-looking terminology such as "expects," "may," "will," "should," "intend," "plan," or "anticipates" or the negative thereof or comparable terminology. Forward-looking statements include plans, expectations, or other statements that are not statements of fact, including with respect to the purchase of Class A Shares under the NCIB and the terms and timing of any such purchases. Although SiriusXM Canada believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. SiriusXM Canada's forward-looking statements are expressly qualified in their entirety by this cautionary statement. SiriusXM Canada makes no commitment to revise or update any forward-looking statements in order to reflect events or circumstances after the date any such statement is made, except as required by applicable law.
About SiriusXM Canada
Sirius XM Canada Holdings Inc. (TSX: XSR) operates as SiriusXM Canada. SiriusXM Canada, with more than 2.7 million subscribers, is the country's leading audio entertainment company and broadcasts more than 130 satellite radio channels featuring premier sports, news, talk, entertainment and commercial-free music. SiriusXM Canada offers an array of content from the most recognized news, entertainment and major sports brands including the NHL, NFL, NBA, MLB, NASCAR, CNN, CBC, FOX, BBC, Howard Stern, Disney, Comedy Central and more.
SiriusXM programming is available on a variety of devices including pre-installed and after-market radios in cars, trucks and boats, smartphones and mobile devices, and consumer electronics products for homes and offices. SiriusXM programming is also available online at www.siriusxm.ca and on Apple and Android-powered mobile devices.
SiriusXM Canada has partnerships with every major automaker and its radio products are available at more than 2,500 retail locations nationwide. To find out more about SiriusXM Canada, visit our website at www.siriusxm.ca.
SiriusXM Canada has been designated one of Canada's 50 Best Managed Companies six years in a row and 2013, 2014 and 2015 rankings in PROFIT 500's list of Canada's Fastest Growing Companies.
Join SiriusXM Canada on Facebook at facebook.com/siriusxmcanada, on Twitter at twitter.com/siriusxmcanada and on Youtube at youtube.com/siriusxmcanada.
SOURCE SiriusXM Canada
For further information: Odeta Kellici, SiriusXM Canada, Tel: 416-513-7416, Odeta.Kellici@siriusxm.ca; Kristen Dickson, NATIONAL Equicom, 416-848-1429, firstname.lastname@example.org