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 shares.
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 cancelled.
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 funds.
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 Company.
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.
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