VANCOUVER, Aug. 26, 2015 /CNW/ - Absolute® Software Corporation (TSX: ABT) the industry standard for persistent endpoint security and data risk management solutions, today announced that it has formally commenced its substantial issuer bid (the "Offer"), pursuant to which Absolute has offered to repurchase for cancellation up to C$50,000,000 in value of its common shares (the "Shares") from shareholders for cash. The Offer is being made by way of a "modified Dutch auction" and the Offer prices range from C$7.75 to C$9.00 per Share (in increments of C$0.25 per Share). The Offer will expire at 5:00 p.m. (Eastern time) on October 5, 2015, unless extended or withdrawn by Absolute.
The formal offer to purchase and issuer bid circular, together with the related letter of transmittal and notice of guaranteed delivery (the "Offer Documents"), containing the terms and conditions of the Offer and instructions for tendering Shares, among other things, are being mailed to shareholders and will be filed today with the applicable securities regulators and available on SEDAR at www.sedar.com.
None of Absolute or its Board of Directors makes any recommendation to shareholders as to whether to tender or refrain from tendering any or all of their Shares to the Offer or as to the purchase price or prices at which shareholders may choose to tender Shares. Shareholders are urged to read the Offer Documents carefully and in their entirety, and to consult their own financial, tax and legal advisors and to make their own decisions whether to tender or refrain from tendering their Shares to the Offer and, if so, how many Shares to tender and at what price or prices.
Any questions or requests for assistance in tendering Shares to the Offer may be directed to TD Securities Inc., the dealer manager for the Offer, or CST Trust Company, the depositary for the Offer.
This press release is neither an offer to purchase nor a solicitation of an offer to sell any Shares. The solicitation and the offer to purchase Shares by Absolute will be made pursuant to the Offer Documents that Absolute will file with the Canadian securities regulatory authorities and that Absolute will distribute to its shareholders, copies of which will be available on SEDAR at www.sedar.com. These documents contain important information about the Offer and shareholders of Absolute are urged to read them carefully.
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.
©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, [email protected] or 1 408 778 2024; or Toru Levinson, Absolute, [email protected] or 1 604 730 9851 x208; Investor Relations: Kristen Dickson, NATIONAL Equicom, [email protected] or 1 416 815 0700 x273